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

To keep up with this flood of breaking political news, register for free instant updates of all Ticket items flashed directly to your cell via Twitter.

Comments

[Plain Jane]

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

[No]

Something smells fishy, majority of dems voted for. Majority of repubs voted against.

And from what I remember of last week, Obama didn't "attack" McCain, he just told him not to wuss out on the debate. And look, it's not like his presence did much anyway - the bill still failed. And yet this is somehow the dems fault. I doubt the dems are responsible for dissolving those 'strong fundamentals' overnight.

[baz]

Wow... Obama's statement blew me away.
Do we want someone who preaches calm, in a crisis... or someone screaming fire?
I don't know if Obama will win, but how different things will be, if he wins, and we don't have the fear-mongers in power.

[lol]

Magbill, I don't think you understand the arrangement here. Supposedly, the Republicans were to deliver approximately half the votes, the Dems half the votes, to promote the idea that this was a bipartisan effort. The Republicans failed to deliver.

[Jason]

Let Palin tell us what we should do about this financial crisis. She would finish McPain's term if he were elected. Scared yet?

[Luke]

What about the fact that the bail out was most likely a bad idea starting with? I don't like to use tax money to pay off wall street. If we need to spend it then let's use it to restart the housing industry that was anyway the root of the problem. They all say we must do it and too me it sounds like the Iraq war. We must do it. Neither candidate is proposing any alternative to this bail out. Blame on both and I don't care who deserves more blame. If they want both change why they don't start listening to the people they want to represent and work for: most American are against this bail out. That would really be a change for once.

[Ryan Thomas]

The majority of Democrats were in support of this bill, yet they still get the blame. HOW? When the Republicans made the majority of those that were against the bill, THEY are the ones who are at fault.

[Rick]

10 years ago, John McCain was the Republican voice of moderation in a party catering to religious & social conservatives. He has had to make adjustments to get the backing of the conservatives and has apparently decided he needs to adopt the campaigning style of the bully who tears down because they are trying to deflect attention from themselves.

I am a disappointed Republican - we deserve better from our leaders

[Doug]

How did these idiots every get elected?

[Steve]

Why is first response to blame everybody else? Didn't he suspend his campaign so he could negotiate this? What happened?

Obama looks more and more Presidential every day I see him. We need a calm steady leader, as I for one am tired of Drama and Theatrics from our leadership.

[As I See It]

McCain's reaction is to fall to his knees, clasp his chest, and cry out "Hurry, I need my pills".

Please keep Sarah away from John's pills.

[mjbaa88]

If you really want to see who the country is blaming for this, go look up the Intrade prediction markets. McCain dropped 3.3% today and Obama is up 4.9%, the biggest one day swing since they have been going head to head.

[Sweden has it right.]

I never agreed with the legislation. I'm glad it failed. We, the people; need to demand that the insitutions that brought this country to the point it is now be held responsible. I have read that Sweden had this same issue in the early 90's. They fixed themselves and came out as one of the leading economies of Europe. Why can't we take their example and use it here?

[richard]

Former President Bill Clinton signed the legislation in 1999 to repeal the Bank Act of 1933 (a.k.a. Glass-Steagall Act)

[steve]

The only thing in worse crisis than our economy is our representatives. Our economy will recover, but the Washington mentality may be beyond repair. Citizens are tired of listening to promises that end up in the pockets of the wealthiest Americans.

What they don't seem to realize is that our trust in our representatives is lower than the stock market right now. McCain represents the same gimmicks that Washington has been using for years to sale their ideas to tax payers while their real motives are done behind closed doors. Trust is gone and anyone who acts or emulates the same politics is not going to get our vote.

[Bill Carson]

Re: MagBill comment: "The Democrats hold a commanding majority in the House, and could have passed this measure without a single Republican vote. Yet 40% of Dems voted no. They have no one to blame but themselves."

So, you say that the party that set up this mess with reganomics and non-regulation philosophy - and in control of Congress for the last umpteen years until 2006 - have no responsibility except to cower in the corner from unhappy constituents?

Absurd, pathetic, and self-serving.

The Republicans brought on this mess, and now refuse to help fix it - on "principle".

Obama is going to clean the floor with McCain & Co. come Nov 4.

[spinilicious]

you gotta love all the spin on this issue. considering that republicans basically killed the bill by opposing it in large numbers and the fact that they were a large part of the problem having been in power for 8 years, you would think that a republican candidate wouldnt rush to pull out the ole partisan card.

as one of these "main street" people the news always talks about I would rather see politicians take some time to come up with a good plan rather than just accept the one bush puts out because he says the sky is falling. that is leadership to me, taking the time to consider the options and coming up with a plan that makes sense both now and in the future. leadership isnt trying to scare people into passing it, especially when those very same people pretty much reject it.

i'm not saying that mccain is part of the partisanship over this issue, because for the most part he hasnt been, at least in the bailout negotiations. but releasing a statement like this, pointing the finger across the aisle, at a time like this is pretty irresponsible. its another attempt to make you, the stupid american, fall for simple finger pointing and gamesmanship while not using your brain to truly analyze what is going on.

[Harold]

Anybody in Congress that votes for this bailout, votes against the Constitution of the United States.They took an oath of office to uphold and defend the Constitution and now should be removed from office. Our Constitution does not promote or protect socialism.

[William Beckett]

Please READ this THOUGHTFULLY! The Financial "Rescue" Bill was torpedoed by the Libertarians in Congress. NOTE: there are Libertarians in both the Republican Party and in the Democratic Party. That is why the rejection vote totals came from both parties. Obviously there are more libertarians in the Republican Party because they generally share similar views as to cutting taxes. The "Gipper" was respnsible for bringing a massive influx of libertarians into the GOP from the Libertarian Party. Libertarians WILL NOT VOTE for any bailout package NO MATTER what the conditions!! The heart of a true Libertarian is fanatically grounded in the uncompromising idea of NO TAXES and NO GOVERNMENT! The problem is that the leadership in congress is afraid to address the Libertarian sentiments of their members and tell it like it is. Wall Street, stop sucking your thumbs and crying. Chairman Cox took away your main weapon, the Shorts, otherwise that -777 points would have been -1577 points! Too bad. Ain't no bailout package coming. OBTW, last thursday the Bank of China instructed all of its branches to STOP buying US Treasury Notes!

[tim]

Democrats have nobody to blame? They, as well as the republicans that did vote for it, can blame 95 democrates and 133 republicans. Get it straight! It got voted down by members of both parties who put politics first. Though it has been labled as a bailout of wallstreet, it is actually a bailout of our free market capital system, and unforturnately we have to save those bastards in the process.

[Joe in TN]

Do not understand why anyone has to blame. It was the will of the majority of American people that this bail-out not pass. Way to go America!!!! Now let's take a few weeks to create a plan that works.

[dawn]

ok, even though I am an Obama supporter, I am not going to point the finger at anyone. What everyone needs to understand that this bill, this 700 billion dollars, is one of the biggest shifts of power in US history. A power shift from the congress, who has power of the purse, to the executive branch. Politicians on both sides are hesitant. No one even knows who the chairmen of the Fed will be in 40 days, since it is the president who appoints this individual. So deciding to give this unknown individual free reign over more funds. Funds borrowed from China that we have to pay interest on and that is the larger than the total amount spent on oil for this country should not be made in haste.

So everyone, take a breath, ok? Both parties do not want to see the country's economy fall flat on its face. A policy will be made soon enough.

[jravencft]

I smell a rat...

Call me cynical, but I firmly believe that House Republicans walked away from the bailout today in order to allow McCain to swoop back in a few days and say that he was able "deliver" the dozen or so votes to pass this in a re-vote.

Mark my words, just the number needed to pass will appear with McCain saying that he personally called/contacted them to sway their votes when this passes on a revote.

Nancy Pelosi and the democrats need to come up with two dozen votes to pass this in a revote in order to counter McCain's claims later on that he is the "savior" of the package in a revote.

[pawprints]

No one stops to consider that John McCain is correct. The Republicans in the House offered an alternative plan the would put at risk less taxpayer money and more Wall Street money. But the Democrats AND the current administration would not have THEIR plan altered. It was their way, or no way - no matter whether it is the best plan for the taxpayer and the American people. The Nancy Pelosi HAD to get her partison digs in before the plan was even voted on. John McCain did all he could do to get the House Republicans on board. It was the inflexibility in the Deomcratic Party AND the current administration that caused the defeat. That is what John McCain said, and that is the fact. Like it our not. I do not care how smoothly Obama tries to candy-coat it.

[Sportin' Life]

McCain's response is pretty disgraceful. He likes to play the lone warrior, and that's a much, much different thing than being a leader. This is just another illustration.