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Politics | 09/24/2008 3:30 pm

John McCain Suspends Campaign, Asks to Postpone Friday Presidential Debate UPDATE

Breaking: In a move sure to rock an already dramatic week in a campaign season fraught with surprises, and amid a national emergency in the country’s financial markets, Republican presidential candidate John McCain has suspended his campaign today in order to return to Washington to work with his Senate colleagues on the Wall Street bailout package.

He has also contacted the Obama campaign, asking to postpone this Friday night’s debate in order to work on the financial crisis.

In a brand-new Washington Post-ABC News Poll, McCain has lost significant ground since the financial crisis became topic A among mainstream Americans, trailing at 43% versus Obama at 52%.

Update:  one question circulating…what does this extraordinary move say to the average American?  Will it be a source of encouragement…or will they think the sky is falling economically…? 

Update:  another thread circulating…wouldn’t this Friday night be the perfect time for a debate…with all of American engaged and watching?  Just changing the topic from foreign affairs to the economy…

President Bush addresses the nation on the economic crisis at 9 PM EST

Note to wowOwow readers…let’s get a good discussion going here…and one way to invite others with other points of view is for those of you with Yahoo log-ins, to please Buzz UP! this story by hitting the "Buzz Up!" Button near the title of this story.  Thanks - wowOwow staff… 

569 Reader Comments (so far…) Sign In or Register to comment

Star Lawrence
Is Heart Suzanne…? I can’t keep up. My kid is for the other side. That’s what makes elections. And it is not because she has seen me agonizing. She usually does the opposite of me, anyhow. She just thinks Sen Obama is a phony. Are they serious, she keeps asking.
By Star Lawrence on 09/26/2008 11:37 am
Ro H
Wow, did this question stir it up, or what? Wooo hooo! I try my darndest to comprehend what is “behind” all the stuff, the game plan, the schemes, and so on. With this one, either John McCain really IS getting senile, or he is just being another good puppet for the puppeteer(s). I do not agree with the basic tenents of the Republican Party, but… honestly, I have never in my lifetime experienced so many lies, so much deceit, and masses of criminal activities as I have in the past 7+ years! It blows me away, at the flagrant - thumb their noses - at the American people as has this group presently in the WH. They don’t even try to make it look ok, they just flaunt the behaviors as though no one can touch them, or do anything about it. It is astounding to me! The sick part of it all is; they can get away with it, because there is not enough margin in Congress to do anything about it, and we simply have to wait it out. And, there is no concern about going to prison - they always have the “fall guys” to do the time! It is really a sad state of affairs that whomever conceived this could have actually spent less energy on doing GOOD instead of such EVIL. I used to consider being a republican because of my admiration for Abraham Lincoln, I now understand Lincoln would today, be a Democrat - or, he too was on somebody’s payroll! NOTE; Please; I do not believe all Republicans are so bad, I simply am feeling disgusted at this leadership. I pray once this is all over we can get back to being Americans once again! I used to be so proud of this country! I still WANT MY COUNTRY BACK!!!!
By Ro H on 09/26/2008 12:05 am
Step away from the BLOG!
Ro- I agree…..Will the Real America please stand back up!
By Step away from the BLOG! on 09/26/2008 5:09 am
Barbara Cooper
Actually, I just read an Alert, that Obama intends to continue with the Debate on Friday. Obama stated that it is important for Americans to know that the candidates can handle more than one situation at a time. By Patty E on 09/24/2008 4:32 pm And Obama is handling it by distancing himself from the whole thing, no vote can’t blame him for taking a stance and makeing a choice or commitment…….where have I heard this before. What does the man do for his pay?
By Barbara Cooper on 09/26/2008 7:42 am
DeBúrca obj
Check out this video, Chris Dodd and then the Lawrence O’Donnell interview which comes in toward the middle: http://www.msnbc.msn.com/id/21134540/vp/26878384#26878384 Lawrence O’Donnell on msnbc basically saying that McCain has never spoken with the committee/Chris Dodd (the chairman) dealing with this issue before and that Obama has on numerous occasions. Also saying that McCain has nothing to do there because he is not on the committee and it all happens behind closed doors. He basically says that Bush asking McCain and Obama to come to Washington for a meeting tomorrow actually saves McCain because he would have arrived in D.C. with nothing to do and the Bush meeting won’t really go over any nitty-gritty stuff. In summary, he’s saying that McCain won’t be doing anything else on Friday night having to do with this bill because he likely won’t be invited to anything.
By DeBúrca obj on 09/26/2008 9:55 am
We Need Obama/Biden
In response to Barbara….Senator Obama made his requirements for the plan very clear…it’s just that he can think and chew gum at the same time. He sure didn’t go to Washington as a ploy to get out of the debate and try to save his faltering campaign, as John McCain did. McCain hadn’t even read the 3-page Poulson plan, nor had he talked to Senator Shelby (as confirmed by Shelby), a republican on the Senate Banking Committee. He just created chaos and never took a real stance on the issue…how brave of him. Today, the largest bank in the country (Washington Mutual) failed, and the markets will probably tank, but oh well, John McCain finally showed up in Washington yesterday (after a weekend spent partying at his college reunion and not “saving” the country in Washington). Oh and by the way, did you see the “intelligent” answers his vp candidate gave in her interview with Katie Couric….now there is a woman to be proud to have on the ticket….the republicans should be embarrased by her. It’s time the news media start “outing” this woman for the unqualified candidate that she is….it is so sad when they say that she has “invigorated” the McCain campaign…..what does that say about the intelligence of this country…..sad but true!
By We Need Obama/Biden on 09/26/2008 8:03 am
Wake Up and Hear  The Fear In your Childs Voice
YOU GIRLS KEEP UP THE GOOD WORK !!
Wake Up and Hear  The Fear In your Childs Voice
grrrrrrrrrrrrrr ruff ruff Bark Bark……………..I got to go find my Chew Toys …Barks the letters ……r a t s Hope you all have a sense of humor… I DO…….roflololol
Elle Kaye
I don’t know why Karl et al are letting McCain look like an even crankier old man than usual. It seems he wants to create the impression he is against the bail out and further himself from the administration. I’d like to know what he knows about this 700000000000 desperation-hyped windfall for Wall Street that we DON’T know. We know that the investors and executives responsible for this mess get the 7, thru our taxes and reduced services. All those in the middle of the country, away from toney Connecticut, Wall Street, The Cape and The Hamptons get the zeros. The estimate of the number of banks that will fail in this mess is a bit over 1100. Each account is “insured” by the FDIC up to $100,000. But the FDIC looks like it may need a bail-out itself. They spent 10 years not charging the majority of banks for the insurance. Funny, my insurance companies have no qualms about not only charging me, but increasing my rates on a whim. The three ring circus we’re in right now is the second brought to us by Paulson in a month. But Karl wouldn’t let McCain look quite so senile unless there is more behind this “charade” of leading the Washington mugwumps to an agreement. The agreement must stink even more than we know. The Republican Nabobs stole Wall Street’s money and security and now they’re make sure that it looks like they’re being hauled, kicking and screaming, into the 700000000000 “fix” which they cooked up in the first place. I guess it pays to read “The Prince” from pre-school on up! Is it in the Wasilla library??
By Elle Kaye on 09/26/2008 10:17 am
MaryPage Drake
By MaryPage Drake on 09/26/2008 1:42 pm
TB Lear
After watching the much anticipated debate last evening, I would like to comment on the candidates and issues and what they mean to me. First, I think Sen. McCain looked old and even showed signs of having some senior moments with his interrupted gaze or somewhat startled expression at times. Obama, on the other hand, seemed very confident and reassuring when he spoke. However, with all that body language, after listening to the rhetoric (yes, rhetoric)on the economic issues, I feel that neither one gave a succinct answer. to our crucial crises. Not enough to give me pause and sya, “Ah! now there’s a great idea!” Maybe it is because it isn’t possible for a decisive answer to be given at this time. But I think that if these candidates want some of the voters to understand what they are talking about, they may need to very briefly explain terms such as “golden parachute”.,etc…. Obama’s gentlemanly manner of saying “You’re right, John” can be misconstrued to mean that he is letting McCain take the lead. But i will lgive him license and say that he is actually showing some superior debating skills. All in all, I felt this was a great showing for Obama’s display of his intelligence and knowledge of the issues. And for Mc Cain, he did better than I thought, but his ideas seemed old or outdated for this upcoming, new generation that is about to take control of our new global economy. the torch is indeed, being passed…..
By TB Lear on 09/27/2008 9:04 am
Steve R
A couple of ads have slipped through, but McCain “suspending” his campaign has been like sunshine after the monsoons. His campaign had been carpet-bombing the airwaves with debunked attack ads all month. Every commercial break, every station, every hour of prime-time and more. The same one day-after-day for weeks, then a new one. It was not just overkill, it was aggravating. Whether they made you mad at McCain, or mad at Obama, the anger and divisiveness were there. Now if only the US Chamber of Commerce would stop lying and the senatorial campaigns would stop the mud-slinging, we could watch the new TV season in relative peace.
By Steve R on 09/27/2008 11:26 pm
Elle Kaye
Steve - It sounds like you live up here in God’s Little Refrigerator. It’s hard to pick up apples from the ground, this fall, They get lost in all the rotten tomatoes that are being flung from one Senatorial Election Committee to the other. I am only hoping that the blood-letting of the stock market today will have the ad guys thinking twice about how much they’ve been spending on poorly twisted truths, just short of libelous accusations and other drivel that is an insult to the voters. The campaign professional$ really think we’re stupid.
By Elle Kaye on 09/30/2008 12:30 am
Eliza Dodd
The Bailout and What’s Next Dear Friend, Yesterday marked a day that will go down in history, when Congressional Democrats and Republicans alike took on full responsibility to protect the interests of taxpaying Americans, and defeated the deceptive bail out bill, defying the dictates of the Administration, the House Majority Leadership, the House Minority Leadership and the special interests on Wall Street. Obviously Congress must consider quickly another course. There are immediate issues which demand attention and responsible action by the Congress so that the taxpayers, their assets, and their futures are protected. We MUST do something to protect millions of Americans whose homes, bank deposits, investments, and pensions are at risk in a financial system that has become seriously corrupted. We are told that we must stabilize markets in order for the people to be protected. I think we need to protect peoples’ homes, bank deposits, investments, and pensions, to order to stabilize the market. We cannot delay taking action. But the action must benefit all Americans, not just a privileged few. Otherwise, more plans will fail, and the financial security of everyone will be at risk. The $700 billion bailout would have added to our existing unbearable load of national debt, trade deficits, and the cost of paying for the war. It would have been a disaster for the American public and the government for decades and maybe even centuries to come. To be sure, there are many different reasons why people voted against the bailout. The legislation did not regard in any meaningful way the plight of millions of Americans who are about to lose their homes. It did nothing to strengthen existing regulatory structures or impose new ones at the Securities and Exchange Commission and the Federal Reserve in order to protect investors. There were no direct protections for bank depositors. There was nothing to stop further speculation, which is what brought us into this mess in the first place. This was a bailout for some firms (and investors) on Wall Street, with the idea that in doing so there would be certain, unspecified, general benefits to the economy. This is a perfect time to open a broader discussion about our financial system, especially our monetary system. Such a discussion is like searching for a needle in a haystack, and then, upon finding it, discussing its qualities at great length. Let me briefly describe the haystack instead. Here is a very quick explanation of the $700 billion bailout within the context of the mechanics of our monetary and banking system: The taxpayers loan money to the banks. But the taxpayers do not have the money. So we have to borrow it from the banks to give it back to the banks. But the banks do not have the money to loan to the government. So they create it into existence (through a mechanism called fractional reserve) and then loan it to us, at interest, so we can then give it back to them. Confused? This is the system. This is the standard mechanism used to expand the money supply on a daily basis not a special one designed only for the “$700 billion” transaction. People will explain this to you in many different ways, but this is what it comes down to. The banks needed Congress’ approval. Of course in this topsy turvy world, it is the banks which set the terms of the money they are borrowing from the taxpayers. And what do we get for this transaction? Long term debt enslavement of our country. We get to pay back to the banks trillions of dollars ($700 billion with compounded interest) and the banks give us their bad debt which they cull from everywhere in the world. Who could turn down a deal like this? I did. The globalization of the debt puts the United States in the position that in order to repay the money that we borrow from the banks (for the banks) we could be forced to accept International Monetary Fund dictates which involve cutting health, social security benefits and all other social spending in addition to reducing wages and exploiting our natural resources. This inevitably leads to a loss of economic, social and political freedom. Under the failed $700 billion bailout plan, Wall Street’s profits are Wall Street’s profits and Wall Street’s losses are the taxpayers’ losses. Profits are capitalized. Losses are socialized. We are at a teachable moment on matters of money and finance. In the coming days and weeks, I will share with you thoughts about what can be done to take us not just in a new direction, but in a new direction which is just. Thank you, Dennis www.Kucinich.us 216-252-9000 877-933-6647 PS Watch the 47 minute ‘Money as Debt’ animated documentary in http://video.google.com/videoplay?docid=-9050474362583451279. This is a useful, though by no means definitive, introduction to the topic of debt and the monetary system. Let me know what you think. ———————————————————————————————————————— PO Box 110475 | Cleveland | OH | 44111 | 216-252-9000
By Eliza Dodd on 09/30/2008 5:58 pm