Candidates Manipulate the Financial Crisis

McCain raises suspense during his participation in the first presidential debate, but he can hardly dodge Obama’s challenge.

John McCain’s latest contradiction might have ignored a basic law of American policy: one does not rise above the fray by appealing to public opinion.

After announcing Wednesday that he “suspended” his campaign because of the major financial crisis, the Republican candidate had essentially moved his campaign back to Washington. He was expected at the White House Thursday mid-afternoon with his Democratic opponent, Barack Obama and House representatives of both parties to discuss the rescue plan for the administration. George W. Bush extended the invitation the night before during an official speech to the nation.

Obama, initially reluctant to participate in this political theater, was forced to accept. He, however, refused to postpone the first televised debate between the two candidates planned for tonight in Mississippi (Saturday at 3 a.m. French time), and made it a difficult challenge for McCain to dodge.

The Republican candidate’s maneuver was intended to enhance his presidential stature by presenting him as a patriot who mobilizes any time the country is in a crisis. In fact, it has been unanimously seen as an electoral strategy, driven by a decline in the polls.

McCain himself had called Bush asking him to arrange the meeting on Thursday. Without precedent, the president did him a favor by reminding the two candidates at his succession they were the real leaders of the Democratic and Republican parties–at his own expense in the second case.

“The Risk of a Disaster”

Yet, on Wednesday evening, several negotiators in Congress felt “close to agreement”. While Republicans supported McCain’s intervention, Democrats feared it would be a “distraction” that might complicate their task.

“We do not need to include presidential politics in this process on the future of the country,” estimated Harry Reid, the leader of the Democratic majority in the Senate. “We need liability, not to pose for a picture.”

It seemed doubtful that the two candidates participate in the discussion on Capitol; their role limited to accept the result expected at the meeting with the president. Thursday, a few hours before the visit to the White House, the House of Representatives made an agreement on the state of principle.

Obama took the initiative by suggesting to his opponent to draft a joint statement expressing their support to the federal government for a solution to the crisis, subject to conditions.

“The plan submitted to Congress has defects, but the effort to protect America can not fail,” says their text published Wednesday evening. “We can not risk an economic disaster.”

In separate statements Thursday in New York, both reiterated their demands oversight, transparency, limiting compensation for CEOs of companies in bankruptcy and a “return on investment” for taxpayers.

Obama was not the only one surprised by McCain’s suggestion to postpone the debate scheduled for tonight. In its editorial on Thursday, the Wall Street Journal expressed “mystification”. The Washington Post denounced “posture” betraying “his impulsiveness”. The Democrat ironically said that presidents are expected to do more than one thing at a time.

“We have big country airplanes that can lead us quickly into the Mississippi,” Obama pleaded. “The time is particularly perfect for the American to wait on who, in some forty days, will deal with the mess”. The presidential debate committee gave him a favor, eliminating a deadline. The University of Mississippi asserts that it has not yet received”any notification of change”.

The McCain entourage said there would be a discussion if there is an agreement on the financial rescue plan, but the candidate has reserved himself for Monday until the stock markets open. By suggesting that the face-to-face meetings should be postponed until next Thursday, the date set for debate between vice-presidents, he fed the suspicion of wanting to give more time to prepare for his ally, Sarah Palin, whose star pales in public opinion. The polls appear to have played a major role in the approach of the Republican candidate: through the crisis, he is nine points behind Obama according to the Washington Post-ABC (52% against 43%), six points from Fox News (45% against 39%). On the economy, Americans prefer Democrats to 53%, against 39% for the Republican.