Everyone is talking about Senator McCain's decision to suspend his campaign and head to Washington for the bailout. He has asked that Friday's first debate be postponed. At this time, it seems unclear whether Senator Obama will agree.
My reaction is that this will surprise those who know me -- I see this as Senator McCain essentially conceding the election. Two weeks ago, when Senator McCain was rising in the polls, I warned that something could happen to reverse the situation. In particular, I warned that the credit crunch could get worse. It has.
As I listen now to President Bush speak, I believe that the rescue plan will be unpopular. Some will see it as a bailout of big business, others as too little too late, and in any event, the GOP will be tagged with allowing it to get to this point (and while I think there is lots of blame to go around, Bush could have done things administratively to slow down Fannie and Freddie and the whole market).
I am a fervent McCain supporter. I believe that he has was the best person in 2000 and is the best person now. But the election is no longer about Iraq or foreign policy, it is now about the economy and this will hurt McCain. (as an aside, for saying this, I have been accused of Astroturfing). I wish that were so.
I hate to say it and I hope I am wrong, but McCain just conceded the election, in an honorable way.
[Edited to add -- Senators McCain and Obama just released a joint statement on the bailout]