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McCain Was Right About Something September 26, 2008

Posted by Jim Satterfield in 2008 Presidential Campaign, Business & Society, Economics, Politics.
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Before the debate ever started McCain looked like he was going to duck out of it, claiming that he had to rush to Washington to help with the negotiations to help solve the financial system meltdown. The Washington Post reports on how much he helped. Well, he managed to help create another meltdown. While complaining about the proposals from Bernanke and Paulson might make sense, backing a plan from the House Republicans that is even worse somehow just doesn’t seem all that helpful. And it is worse, make no mistake. If the problem with a group of companies is lack of cash causing them to not be able to do their part in the economy by providing credit, demanding that they come up with more cash to pay for a whole new insurance system that won’t really help with the basic problem just doesn’t make sense.

What was McCain right about, though? He did make a difference to the negotiations. The House Republicans probably couldn’t have broken them so thoroughly without his help.

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