Obama, McCain campaigns: Starkly different first reactions to bailout bill's failure

As the financial rescue plan went down in flames in the House and the big drop in the stock market accelerated, the initial reactions from the two presidential campaigns were dramatically different in tone and tenor.

Barack Obama delayed a rally in Westminster, Colo., to make calls to House Speaker Nancy Pelosi and Treasury Secretary Henry Paulson.

The Times' Maeve Reston was with the campaign, and she reports that when Obama eventually took the stage, he appealed for calm -- and sought to underscore his point with an analogy his audience might appreciate.

"There are going to be some bumps and trials and tribulations and ups and downs before we get this regulation package done," he said. "It’s important for the American public and for the markets to stay calm, because things are never smooth in Congress, and to understand that it will get done -- that we are going to make sure an emergency package is going to get put together because it is required for us to stabilize the markets."

After calling for Democrats and Republicans to "step up to the plate, get it done," he added: "It’s sort of like flying into Denver, you know you’re going to land, but it’s not always fun going over these mountains."

John McCain was traveling from an appearance in Ohio to one in Iowa as the bailout bill went down the tubes in the House. He'll be commenting soon, but Douglas Holtz-Eakin, his senior policy adviser, issued the following statement:

From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Sens. Obama and [Harry] Reid, Speaker Pelosi and others.

Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

This bill failed because Barack Obama and the Democrats put politics ahead of country.

-- Don Frederick

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Comments

[One Million Dollars For Each Citizen]

The bailout plan failed because the majority of Americans and economic experts are against it. Why bailout rich guys who made mistakes and now wants handouts from uncle Sam. Why not bailout the ordinary folks who struggle from day to day. Congress members who voted against the bill were just listening to their constituencies. Voting for this bill almost like voting for the Iraq war - you know it is a mistake.

[E-mouse]

Ahead of economy.

There's a difference.

[PulSamsara]

McCain has put his own TANKING campaign first - and America LAST !

Why would America REWARD complete Republican failure ?

We wont.

[John Quimby]

Bush is as good as gone.

John McCain can't even lead his own party to a vote

And House Republicans backed out of the deal they had to have.

The Republican Party is officially out of control.

[RSAM]

95 democrats and 133 reublicans. That makes for a whole lot of congress peole against this bill on both sides. When your spending the publics money to this extent I personally want second thoughts on whats best. There are prominent Harvard educated economist that say we should pay the price now, borrowing from the future guarantees future economic failure. Fannie and Freddie still haven't changed there mortgage guidlines for mortgages allowing borrowers to float mortgages that are 60 % of their gross income, sure to fail home owners. Let's be honest about where this roblems roots are form. Pull the roots and start a new garden.

[T-Prop]

REAP THE WHIRLWIND, Oh Ye Wail Street Pigs.

(Hey Cheer Up! - Now, you can STILL pay $$Billions to your piggish CEO's...)

[Robert]

Don Frederick has no credibility left after his ridiculous comments. It is obvious McCain/Palin are the ones using this for political gain. The Republicans have their racist heads in the sand. They had there chance and you see what has happened. Democrats are only a little better.

[todd]

The bill failed because the Democrats didn't like it either. They wouldn't take a stand on their own because they weren't sure it would work; they wanted the Republicans to sink with them. Those 95 Democrats could've passed the bill and they could've taken all the credit themselves. But apparently they weren't assured there would be any credit at all.

The bill stinks. There has to be a better way; one that protects us taxpayers; one that tells the real estate industry that they can't hose each other and have us pay for it.

[fred]

wow, now thats change. talk about being calm. after your side blew things up with partisanship. then blamed the OTHER side for being partisan. thats real change. the cool thing about all this: obama is seen as just another poitician. pretty ineffectual, as he has done absolutely -0-. and mccain, after being bashed for making a 'political stunt' will probably end up doing what he has been doing for years: actually DOING something to bring the sides together. and obama will claim he is a uniter. truly amazing.

[DC]

Obama consistantly shows leadership and prudent choices facing crisis with calm. McCain flips out, start suspending appearances and campaigns, flying all over the country to dine at expensive restaurants and then blames the other party. McCain is a fool. Obama is a leader.

[Brandon]

My comment is to Mr. No - It seems like McCain was taking credit for 'swooping in' and forcing a compromise on this bill. However, now that it's failed, should he take the blame for the failure too? A true leader would stand up for his actions/decisions and not only tout those actions that were politically convenient and beneficial. Sounds to me like McCain is putting WINNING first, country second.

Also, what does this say about his leadership and ability to 'bring both sides together' if he either a) can't reign his part in to do the right thing, or b) is so delusional about what their true intentions at the vote were, he was just flat out wrong on this bill passing today? Doesn't sit too well with me...

[Gillian]

Just a note to those who are prepared to blame democrats for this failure to pass - this is President Bush's bill and he had less support from his own party than from the democrats - who is being partisan exactly?

One more thing McCain keeps up his partisan babble by accusing Obama of being partisan - I really hope that we learn this time - lets send the republicans a message we won't go for the fear mongering and lies this time - there is simply too much at stake.

[Anthony Brown]

McCain is throwing Maverick dung all over this country. Transparent. Sadly he seems to take pleasure in stooping to the lowest levels to win. Oh wait, that's elitist!

[Erin]

The McCain campaign is so full of #@&*!!! All they can do is accuse, accuse, accuse....and they are accusing Obama for what McCain himself did not do...which was formally support the bailout! He has fully taken advantage and politicized his useless intervention. which he had pledged to NOT politicize, and has continued to trash complete lies on Obama, which only makes him appear dirtier and dirtier. What a load of BS

[Sam from Seattle]

This is a nice contrast in reactions. A reinforcement of what we've seen in the 1st debate: Obama is the adult in the room.

[e.p.]

How is it "Republicans could not deliver the vote!" when the **democrats** have the **majority** of the house?

More like
(1) Pelosi can't manage her party
(2) the ultra-lib Dems won't vote for the un-porked (no ACORN, etc.) bill
(3) that nice little speech by Pelosi was quite the touch, eh? Nothing like a partisan rant by the freaking speaker of the house to get the vote off to a good start...

[jp]

John McCain has been telling us for a week that his personal touch was needed in Washington to get this done, but he couldn't deliver even 1/3 of the House Republicans - he's some leader!

[hmmmmmmm]

Who are the whiners now??? Waaaah, Waaaaaaah, Waaaaaaah the democrats hurt our feelings so we had to vote against this bill. WHAT!??????!!!!

[Plain Jane]

Calm assertion to both parties compared to partisan red-faced glibness.

[TT/ the independent]

hionestly, was it not McCain and the Repub's who just said the he was the reason the bill was going to pass. He after all susp. his campaign just to round up the Repubs and get them on board... I guess he is not as well a leader as he himself thinks!

[Jim Terr]

How incredibly surprising - Obama says something about the matter at hand, and McCain makes it a partisan attack, and inaccurate to boot. Blame it on Chelsea, John!

[Paul in Reno]

McCain fails to perform and blames Obama!

[Ivan]

Douglas Holtz-Eakin does not = John McCain any more than Reverend Wright or Plouffe = Barack Obama. Stop the double standard already. If Democrats wanted the bill they could have passed it without the Republicans. They have no spine.

[gmcc]

playing presidential politics with this bill is ridiculous. This bill was horrible. It was a bad idea and should have never come to a vote. I personally phone my democrat rep and told him to vote no. I would have done the same if he were a republican. The bill was bad so it failed. end of story.

[Eric DeLong]

First it was welfare mothers and liberals, then it was immigrants and liberals, now its bankers and liberals.

At what point will the people see that the Republicans have been in charge for 30 years, and it was there "oversight" when allowing for deregulations and free-market freedoms that created this mess.

And now they don't want to be blamed for fixing it?