McCain's Economic Freakout vs. Obama's Measured Reponse

They say how you campaign is how you'd govern. If that's true, a President John McCain would become easily frustrated from criticism during an economic collapse, and react with the "shoot first, ask questions later" temperament that we've all become accustomed to. Oh yeah, and he might cause a depression.

Watching the past couple of days of the candidates' responses to what's happening on Wall Street, there are two very contrasting styles. Forget all the back and forth between the candidates, which is going to happen in a campaign, and look at how they address the Wall Street crisis itself.

Barack Obama has displayed a pretty cool, calm, and consistent response to it all - focusing first and foremost on the need to do everything to settle and stabilize Wall Street ASAP. He's presented a general framework for long-term reforms, but withheld any specifics, saying we need to see what happens when the dust settles. Maybe that's the truth. But, what also is true is that now is not the time to feed into Wall Street jitters by proposing specific sweeping changes that just make the future even more uncertain. Maybe it doesn't make for exciting politics, or feed those who like some red-meat rhetoric, but it certainly lends itself to settling down the financial market, so we can avoid a depression.

On the other hand, you have John McCain. In the wake of the collapse, McCain came out with his proposal - a 9/11 type commission to study what happened and report back. It probably wasn't the best of responses, but at least it wasn't rash. Very un-McCain.

That's until it was mocked.

That's when old-school "McNasty" kicked in. About a day later, what was his answer? Fire SEC Chairman Chris Cox (even though the President can't do that). According to McCain, "If I were President today, I would fire him."

Boy, that would be a great signal to send to Wall Street. In the middle of the biggest financial crisis we've had in decades, McCain would dump the SEC Chair, leaving the seat to a caretaker until he could nominate and get confirmed a new one. Yeah, because THAT wouldn't freak the entire market the F out, by sending the signal that the Federal Government was in complete panic mode. I mean, this is the same Wall Street that goes into freefall when the Fed Chairman even whispers the word "recession."

But, McCain didn't care. Shoot first, deal with the fallout later. Just working for a war in Iraq while the Trade Center was still smoldering from the attacks that came from Afghanistan/Pakistan.

Maybe someone talked McCain down, because today, he focused not on firings, but on his proposed long-term fix. Now, either his 9/11-style commission had the shortest study ever, or he dumped that idea completely, put firings on the side, and decided it was time to put forth a long-term plan before we even get out of the immediate crisis. Again, not that long-term plans don't need to be formulated, but you don't put the cart before the horse. As president, you want to get out of this crisis first, see what the lay of the land is, and then develop your specific plan. So, a little less crazy than yesterday, but still not very responsible.

So, let's review this week in Wall Street in crisis:

Obama: Calm, measured, put forth principles, but did not get in the way of the Fed and Treasury as they tried to keep the market from complete meltdown, and an almost guaranteed depression.

McCain: One week, three different answers to the crisis, at least one of which could have triggered even more panic in the financial sector.

Which one do you want sitting in the Oval Office?

Comments

[2sunny]

You top off my morning coffee, Eric. Thank-you for your insight.
Go get em'!

[omac112211]

Agree 100% with this post.

McCain just doesn't get it. If WAR isn't involved, then its outside his 'comfort zone' and he doesn't know how to be pro-active or reactive!

[eclectablog]

Nailed it. Thanks so much for this to-the-point analysis.

[microbrother]

The current turbulent financial crises, possibly amounting to the tune of one trillion dollars, and the equally disastrous middle-eastern wars must now be resolved in a non-partisan and even in a non-denominational manner more than ever.

As a result of this domino catastrophe, it is imperative for the best minds and those with the best intentions to roll-up their sleeves and tackle these problems with every citizen. For full disclosure, I am a Democrat and supporter of Barack Obama, as well as a Christian.

Judgment/leadership is the preeminent dual nouns in developing the right solution to these problems. If the survival of my family depends on the administration that possesses these attributes, it is not important to me if there is a “D”, “R” or an “I” after their names. However, after what I have witnessed in this election cycle, it is pretty difficult for me to rely on John McCain, the senator who thought the economy was fundamentally strong and who, occasionally, gets confused about geography and the names of warring factions. In reality, regardless of who is in office, taxes must be raised and belt-tightening will be necessary. There maybe even a need to have the draft reinstated.

Can you imagine your financial future, the lives of your sons and daughters in the hands of someone whose judgment/leadership abilities are in question, someone who is still defining himself? Not with my family, not with my money and not with my country!

[GwenElle]

Excellent points Eric. Reminds me of why I read not only the articles but also the comments on HuffPost. My reactions are so instinctive that my ability to associate feeling with thought sometimes gets scrambled. This article says what I would have said if I had connected though to feeling.

Thanks!

[PT6]

You are seeing the reaction of someone who has fathering this crisis acting "wildly" in McCain.

Versus someone who has a clean slate and has the tools to solve problems with logic, common sense, compassion, realism, reliance on intelligent advisors, and non-partisan cooperation in Obama.

[republicratfascists]

Robert Rubin, Obama's economic advisor, is as culpable for this mess as McCain's pal Phil Gramm. A pox on both their houses.

[PT6]

I think you are seeing the reaction of someone who is guilty of fathering this crisis acting "wildly" in McCain knowing he is wrong.

Versus someone who has no guilt or responsibility and has the tools to solve problems with logic, common sense, compassion, realism, reliance on intelligent advisors, and non-partisan cooperation in Obama.

[darker]

I don't want a FREAK-OUT President!
No more years to corrupt Republican LIARS.
McCain embarrassed himself and Americans too many times so far, yikes.

I want somebody EDUCATED, MATURE, ANALYTICAL, COOL UNDER FIRE, A LEADER.
That's Obama. Obama-Biden.

I DON'T WANT somebody "just like me". THAT'S STUPID AND IMMATURE!
And...
I don't want somebody to
"have a beer with" like Bush, who SCREWS UP EVERYTHING.
NO MORE STUPIDS IN GOVERNMENT. they cannot govern.

Voter for Obama-Biden.

[devanate]

You said it Darker. I'm so tired of people who vote because they just want an everyday bbq & beer swillin' joe in office who reminds them of their next door neighbor. Screw that. I want the elitist of elites sitting in the most elite position in the world. Someone who can balance a budget, engage in intelligent international diplomacy and resolve a crisis situation.­.. All before they have breakfast in the morning. Then go on to start solving some of the real problems of our time.

[Voltage]

Here's what I've never understood: At what point has Bushy ever seemed like a guy who would have a beer with a regular Joe? Even when he first emerged on the national scene he carried himself with arrogance and had nothing but sneers and contempt for anybody not inside his circle.

I get wanting a Pres you could have a beer with (I don't agree with it, but I get it).
I don't get Bushy ever being that guy.

[justsomeguywhocameby]

Bush and Co. aren't done yet.
Text of Draft Proposal for Bailout Plan
I ran across this unintentionally. It's stunning. The Bush administration is asking Congress for unlimited authority to raise and spend $700,000,000,000 with no reporting for three months, no oversight by anyone, and not subject to any judicial review. This is such a blatant power grab it takes my breath away.

This sort of blank check is how we got the Iraq war. Congress must change this draft document radically and not be bullied by the administration's fear tactics.

http://www.nytimes.com/2008/09/21/business/21draftcnd.html?ref=business

I don't care if my words get posted but the text of this document needs to get out there.

[blindjester]

Just to be fair...

"If I were [sic] President today, I would fire him."

You don't need the "sic." There was no mistake. Were is the correct form for the subjunctive. See "If I were a rich man" for an example.

He's an idiot, but his grammar was okay there.

Meanwhile, Obama 08!

[Eric Schmeltzer - Huffpost Blogger]

After checking, yes it is correct, and removed the "sic." Actually, it was me thinking correct grammar would be "Were I the President.­.." and not "If I were the President.­" But both forms, I found, are correct.

[shaytoonee]

I agree with you 100%. The obama campaign needs to make an ad abt this. They and his surrgorates need to highlight this past week every time they are on TV. They need to do a compare and contrast on this entire meltdown and it will clearly prove that Obama is bipartisan and does not act insane and delusional.

Mcbush = scarrrrrrr­rrrrrrrrrr­rryyyyyyyy­yy

[inwonderland]

With Barack Obama, putting aside political agenda to let the financial powers deal with the
breakdown in our economy, we see the measure of this man.

Though McCain calls Obama's moment of grace as a lack of leadership, we have only to look at McCain stating in the span of 5 days...: the fundamentals of the economy are strong. Then, he meant US workers when using the word fundamentals. Then he stated we were in a crisis. Then he said NO BAILOUTS. Then he supported the bailouts. He pointed to his long track record of being a de-regulator, then cried out for regulation.

This is how McCain would govern..sh­oot from the hip without asking any questions no matter who or what gets clobbered in his random process.

Obama...ca­lm in the storm. McCain, adrift in that storm. Palin, re-arranging the deckchairs on the Titanic.

[AlaskanWannaB]

For the sake of my diminishing 401K, which WAS to be (pre-Bush 43) a healthy addition to my pension, please do not elect McCain/Palin.

[SpaceCadet]

McCain's economic plan is quite simple: Keep Obama from being elected president because Obama is the man responsible for the economic crisis. Phil Gramm will fix everything once he's anointed as McCain's Treasury Secretary. So stop yer whining, you whiney Americans and vote McCain!

[jmundstuk]

"If I were president" is correct, isn't it? Conditional. If I were, I would....

[IrisBittencourt]

I also noticed the same thing. I believe that it is called the subjunctive tense. People who speak Spanish or Portuguese use the subjunctive tense all of the time as they are required to conjugate their verbs to indicate what tense they are using. Remember "Fiddler on the Roof"? "If I were a rich man." That is an easy way to remember the proper use of the subjunctive.

Yet, I digress. Salient analysis. Well done.

[Eric Schmeltzer - Huffpost Blogger]

After checking, yes it is correct, and removed the "sic." Actually, it was me thinking correct grammar would be "Were I the President.­.." and not "If I were the President.­" But both forms, I found, are correct.

(You'll be surprised to hear my mom is a high school English teacher, which makes this grammatical error on my part even MORE embarrassing!)