This is what I wrote in my Presidential Endorsement Post:
In the meantime, because the economic future of this country depends on the funding of the plan Secretary Paulsen has proposed, I will set aside my campaigning and work with my colleagues in the Senate and across my party to quickly get this bill passed. The future of our economy depends on it”
The following has just been reported
SAN FRANCISCO (MarketWatch) — Republican presidential candidate John McCain said Wednesday he will suspend his campaign to return to Washington to deal with the current bailout debate. McCain also called for a delay of Friday’s debate with Barack Obama, the first of three scheduled debates, to focus on the current financial crisis. 
Good for you Senator McCain. Thanks for reading my blog 🙂
Senator Obama ?
Mark,
I have a wild idea, which will cost you a lot of money but only take a month or so to initiate and could save the country, change the world and create a legacy you have never imagined leaving.
Establish at internet speed the “Honest & Decent” party. You run for president, with Michael Moore as your vice president and with Jesse Ventura and Michael Bloomberg in major positions. Uncorruptable.
Your candidacy will be one of honestly, not lying to the people, eliminating corruption, directing money to education and health, not absurd bailouts. You must all speak to the people from your hearts. You might just win.
Vincent Crisci
Comment by Vincent Crisci -
CUBAN… I was with you on your offer of 50mm, but rolled down and lost
you in your questioning of where Obama is during this financial crisis.
As you well know, on Thursday morning before McCain showed up on Capitol
Hill parties were moving towards an agreement.
On the other hand, when is the last time you imagined Bush or McCain sitting
behind there desk crunching numbers, and pounding out economical solutions.
I can’t imagine Obama doing that either. Don’t they have a staff that is
informing them on most subjects, and topics?
What the heck was John going to do? Turns out, he didn’t do anything.
Comment by Brady Wood -
Except Paulsen’s plan was well on it’s way to getting accepted until McCain came in and messed the whole thing up. McCain wasn’t the hero this time.
Comment by Charles -
Woo Hoo! We’re saved!! Senator McCain is taking friday night
off to fix the global economic crisis.
We’re saved!!
Comment by Steve R -
So let me get this right, McCain and Obama take a “time out” to run
back to washington to help president Bush fix his mess. Like these
2 are going to solve this or another somewhat looming issue; world peace
in a few days? Is Election Day going to be delayed as well? There are
already, theoretically at least, qualified people in washington and on
Wall Street to do what needs to be done. While I agree that accountability
for this debacle is needed, What could McCain and Obama really accomplish
by stopping the necessary debates and disclosure that the public needs right
now to make an EDUCATED decision as opposed to a reflexive decision they seem
to be heading towards. With all due respect, this is nothing but a diversion
from the campaign, jsut like rushing to LA during the hurricane. Get on with it!
Comment by thomas acito -
Hey Mark, maybe you don’t follow politics much but this is just a political ploy by McCain. He isn’t a good debater and isn’t as prepared as Obama in debates. Do you honestly think Washington works at 9pm on Friday? Don’t delude yourself in think McCain is actually trying to save the econmy right now.
Comment by Fund -
As soon as I saw that story on CNN I thought of your last post, I’m still on the fenice for who to vote for but doesn;t it make sense to go for the guy who’s putting the biggest financial crisis in years ahead of his own candidacy with 50 days until election? That said I expect extra campaginging and bashing on Mccain for ‘dodging’ the debate will only strengthen Obama among less educated voters who will believe Mccain is scared of debating when they hear that view,
Comment by Chris -
He didn’t read your blog.
He doesn’t know how to use a computer…remember?
Comment by whatever -
It’s amazing that Obama considers actually doing something in the Senate rather than campaigning for higher office political maneuvering. Actually, considering what little he ever has accomplished, maybe it’s not so amazing. And I used to have an Obama bumper sticker. What a letdown.
Comment by Shinons -
rather does seem like an insincere gesture
Comment by steele -
I’m gonna keep this short and sweet. Why doesn’t anyone believe that they can do both. This is the information age. Mark, you should know as well as anyone that communication doesn’t have to happen fae to face, and even if it is necessary, they are capable of flying to other places very quickly. Cancelling the debate and facing the crisis are not mutually exclusive.
Comment by Quentin -
I love how NOW McCain is concerned about the economy and wants to fix things
For a Senator with the WORST no show record for votes, this is sadly an appauling publicity stunt.
http://www.govtrack.us/congress/person.xpd?id=300071&tab=votes
I HOPE Mr. Cuban, you and others see it for what it truly is, a stunt, and Washington politics as usual from the ‘Maverick’ politician. That “Mav” died in the 2000 election. This is NOT the same guy sadly.
Comment by James T. -
Mark,
You are smarter than this. This is simply a political ploy by McCain and I blame him for interfering with an ongoing deal. This will affect America for a long time and should not be used for one man’s attempt at symbolism.
Comment by Mohit -
Mark, you can’t be serious. First of all, Presidential candidates have shown up at debates under far more serious circumstances than this. Second of all, John McCain has already himself admitted he doesn’t know anything about the economy, so what could him suspending his campaigning and trying to help out in Washington possibly accomplish? Thirdly, even if John McCain knew anything about how to fix the economy, it wouldn’t be his place to offer his guidance to those on this financial board. Suspending the campaign is a purely political ploy for John McCain, and I’m frankly surprised you fell for it.
Comment by Josh Smith -
It is a sad state of affairs that anyone thinks this has to be done by the end of the week. The system of government we have is designed to move slowly. I think it is frihtening that there is no specific answers to how money is being spent, how tax payers are intended to get any of this money back, or how this will actually help the economy in the long run. Nobody says what would happen if we didn’t do this. Nobody talks about the repercussions of just doing nothing. I’m sure it’s not good. But what are they? somebody, anybody, Beuller? Only when i know what the results of the worst case are can I even start thinking about whether it’s worth it to bail out an industry that clearly can’t govern itself.
Secondly, I find McCain’s position laughable, if not morally criminal. Give me a break, if he was so concerned about all of this perhaps he would have suspended his campaign on Tuesday, when he realized he was an economic twit and said out fundementals are strong. He didn’t. Only after his campaign was sent reeling and other chuckleheads rolling around as advisors, like Ms. Fiorina, opened their mouths is this suddenly something that deserves his attention.. Mark, you asked that they assess their plans, and only Obama has said that his plan would certsainly need adjustment folowing this proposed bailout. Not McCain, instead like the hotheaded, ill informed “leader” that he is he proposes firing the SEC chairman and delaying a debate which could be about this very issue which this country desoeratel needs, since most of this is happening at warp sped behind closed doors. Don’t be fooled, Mark, McCain has no honor, and he certainly doesn’t honor you.
Comment by Jason L. -
Since this seems to be where everyone kisses your ass, I would just
like to let you know you fell for one of the oldest tricks in the
political playbook.
You would make a great dupe in the new administration. Consider your ass
duly kissed.
Comment by busdrivermike -
“…Obama ?”
C’mon Cuban, don’t act like Obama was a dear in headlights; he HAS
answered these queries, and he’s been incredibly clear and explicit
in why we need debates this Friday.
Don’t believe me?
Check these out:
http://voices.washingtonpost.com/the-trail/2008/09/24/obama_debate_should_go_on.html?hpid=topnews
We need to have the debate this Friday. McCain cannot just use this
mess as an excuse to evade discussing the economy. I do agree, once
again, that the debate should either be ONLY about the financial
crisis or, at least, HEAVILY focused on it. Yes, I 100% agree that
the debate should be EXTREMELY centered on the economy and the
current U.S. (and global) economic situation.
This brings me to my next point: We can’t forget other countries
in these conversations. The debate over “decoupling” or the lack
thereof is incredibly significant. So let’s have it!
Comment by the-cuban-responder -
Just saying you’re going to do something to fix the Wall St. mess plus $3.50 won’t even get you a cup of coffee at Starbucks. I’m not saying McSame isn’t going to do jack, but let’s wait to see what he does before we start tossing the laurels around.
Words don’t mean jack. Vote based on their track records, how much integrity they’ve shown, and whether you trust them to repair the damage we’ve done to our international relationships. Anyone can say they’re going to do great things…whether they actually do them is another thing entirely. I’m no Democrat, but I do believe Obama is a stronger candidate than McCain.
Comment by joe sixpack -
McCain has been touting our economic strength all during his campaign, despite the fact that the writing has been on the wall for years. Do you really think he has a clue what caused the current economic crisis or how to solve it? I don’t, nor do I think do Obama, Paulson, or Bernanke for similar reasons.
Comment by David -
okay so I did the math – it does not work out like he says.
It’s 425 bucks each – not nearly half a million each – sounded too
good to be true.
Comment by cougarmark -
Mark,
I thought you were smarter than that! You cannot possibly be so naive to think that John McCain is “suspending his campaign” because he actually thinks he can make a significant contribution in solving our economic meltdown??? As you noted in an earlier post, I think Chris Dodd can handle this one without having to wipe up McCain’s drool. The last thing we need is more arrogant decisiveness from a someone who has absolutely no expertise in economics.
Comment by Peter -
Pingback: Cognitive Conga » Blog Archive » McCain tries to steal Obama’s thunder, reaps whirlwind
Dave Winer is covering this too.
My impression so far is that:
(1) The proposal to prioritise the economy over campaigning was NOT McCain’s idea, but Obama’s.
(2) McCain double-crossed Obama by portraying Obama’s initiative as his own (more evidence, if any was needed, that McCain is untrustworthy).
(3) The McCain camp desperately needed to bury the news that Rick Davis, CEO of McCain 2008, had been paid $15k/month by Freddie Mac for “consulting” until last month – around the same time Freddie Mac collapsed.
So let’s get this straight: McCain 2008’s CEO gave such “good” advice to Freddie Mac that it failed and had to be bailed out with taxpayers’ money; the bailout precipitated global astonishment at America’s economic crisis; McCain then rips off Obama by announcing he’s going to focus on solving the crisis – a crisis his campaign’s CEO might have helped mitigate had he been a competent consultant or had less of a conflict of interest.
Under other circumstances, McCain’s stance could have been honourable. Under these circumstances, it clearly isn’t.
Comment by sampablokuper -
Those I speak with on a daily basis are livid about the bail out. Both Republicans and Democrats. If one of the candidate would come out and oppose this legislation then I feel they’d have an gain lots of support from the American public. IMHO this whole mess stinks. Especially Section 8!!! I’ve listened to the President tonight and he mention nothing about “transparency”. Without transparency this money is going to wind up like the money doled out after Katrina.
Comment by darryl -
I really resent both candidates politicizing this event.
Has EVERYONE forgotten….
IT’S THE ECONOMY STUPID!
A real leader would stand up and announce exactly who he is
receiving financial advice from. We all know there no economic experts in Congress.
What the hell do lawyers know about finance?
You nailed this one Mark! Hope Sen. Obama is listening.
Comment by Neil in Irving -
He’s grandstanding and looking for a way to “run out of time” for a
Biden-Palin debate.
Comment by Richard Schwartz -
Nice prediction. I am really proud of John McCain… I also believe he is doing it for the right reasons, he wants to postpone the debate which he would easily win, the national security debate, which once again proves, it is not a ploy. It shows he is a maverick. Furthermore, if he wanted to just pull a stunt, then he wouldn’t have pulled his TV ads, which I understand he did.
Comment by Dustin -
Hey Mark, C’mon dude!!!! Someone would have to be under a rock in the Middle East to think they can straighten out this mess in 43 days. McCain not showing up is just another smokescreen in hopes of swaying the margin. What he should do if he has any concience at all….. Do they still have them in Washington? is go on TV and answer some things that may not be covered with “stock answers”. People will find out that Fannie and Mac were cooking books all the way back to the Enron fiasco and now its ” Hurry! We must fixed this crisis” Duhhh. I am fascinated how so many politicians seem astounded. They are either lying AGAIN, or so out of it they should’nt be Senators and Congressman in the first place. The whole country can not be this naive. Maybe just too embarrassed to say they voted for who is ripping them off as we speak. It was the perfect con, the kind that the sucker does not even know he was taken. For him to come up with this wet noodle of an excuse not to answer real questions is just another banking of americas gullibility. Thanks for the thoughts.
Comment by Frankie from Lawnside -
Obama wouldn’t have lasted 10 minutes against Ron Paul. Just sayin’…
Comment by zunetracks -
Mark, Let’s face it. George Bush and his administration are on the way out.
In 40 days, either Senator McCain or Senator Obama will be elected to the presidency of the United States. A live debate IS the best opportunity for both candidates to discuss and layout their plans in regards to this most pressing issue. What can either candidate possibly do in Washington when they already have the National media and the world following their word by the minute. Senator McCain is and I quote:”returning to Washington to deal with the current bailout debate”…. I am puzzled by this choice of words. Maybe it means he will stand in the middle of the room and make sure each speaker speaks his turn or maybe he needs to make sure that the chairs in the room are well aligned and that everything looks just right for the bailout debate…
This is not leadership. This is political posturing as usual. The American people are an extraordinary resilient bunch. When the going gets tough (and it may well get that way) they know how to dig a little deeper. We are ready to take a few more punches because we are in it to win (just like Rocky balboa). Not just for ourselves but for our children and their children.
America is ready for a new kind of leadership. We don’t need another monarchy or oligarchy where only a few chosen and silver spoon fed boomers share all the wealth. By the way if this bailout issue is so important and will affect our future why not take it directly to the people. Maybe it’s time to have “We the people” vote on it in a referendum. Give us the facts clearly with the consequences and let us decide for ourselves of our own future.
Comment by Michel Thomas -
and mccain’s trying to avoid the inevitable circus that will follow him soon over rick davis, and of course there’s the whole ‘not letting palin talk to the media so that they wont figure out that she’s just a puppet for his campaign bit’
Comment by rav -
this pullout by mccain is to get out of the debates which he knows he’ll get killed in – cannot believe mark has fallen for this
Comment by rav -
Cubes,
Love your thoughts usually, but I have to agree with Kristine above. This doesn’t reek of a political move? I’m sorry, but the timing is HIGHLY suspect, combined with the fact that the McCain campaign has not proven to be the most honest of campaigns….
Comment by Dr R -
good prediction!
Though I fail to see how descending heroically on Washington DC
to call for a meeting will really solve the problem. Its a bright move,
and a necessary one at that. but the “hold the show” theatrics of
suspending the campaign and the debate is a bit over the top.
However it would be good to see them debate the issue to interpret who
really has a strong grasp of the subject. Remember McCain’s admission
(that pummeled him in the earlier debates) that he doesnt know much
about the economy in the first place.
Also, why did the current president already have this bailout written
and on his desk a couple months ago? I guess its better than slapping
it together overnight, but back then he was saying, “the economy is
in good shape.” source: White House Deputy Press Secretary Tony Fratto
*if my post is published a bit distorted, I’m having issues with this
comment form. the text that i type seems to run off the page.
Comment by dc_ -
What?! Mark, you’re usually at least slightly rational. In this case, you’ve bought a PR stunt hook, line, and sinker.
McCain is trading a few days campaigning on the west coast for a few days in Washington, getting photo ops and pretending to be “doing something” about the financial crisis. This is a guy who hasn’t been in the Senate *at all* for the past month. He has no expertise in economics. He thinks the “fundamentals of the economy”, whatever that means, are sound.
This is an excuse to avoid the debate, pure and simple. And it further injects partisan politics into the financial issue, which is the last thing we need.
This is pure gimmick, zero substance, and wildly immature on McCain’s part. What, if he’s president during a crisis, is he going to suspend his presidency? A president has to be able to do multiple things at once. Heck, even Bush has managed that.
And, finally, I want to know what McCain is going to do during those 4 hous in Friday night to help the economy. He’d damned well better be working, because it is hard for me to believe that those hours are so crucial that it’s worth eliminating one of the most important aspects of the election, which will affect a whole lot more than just the economy.
Ugh, Mark, please re-think this position. It’s empty stagecraft.
Comment by Brooks -
Right Mark. Because injecting Presidential politics in the process of the bailout will help SO much.
And didn’t mcCain LAST WEEK say the economy was fundamentally sound?
But now we need to suspend the campaign to save it? Um… what? Hey, let’s call of the election too!.
Next time hook the brain up before you type.
Comment by rick -
This is typical of Obama, he is all about me and Carl Marx. Not about country or duty.
Comment by Grant -
17 comments and nobody has noticed the “maverick” connection! Well… noted.
Comment by BoscoH -
Do you really think it will make a difference in the decision whether they are campaigning ro not?
Neither one of them (especially McCain) has any conception of what the underlying problems are.
For the best explanation that I’ve seen, go to:
http://globaleconomicanalysis.blogspot.com/2008/09/open-letter-to-congress-on-700-billion.html
Comment by Chris -
Aren’t you a little concerned that instead of actually trying to solve a legitimate problem, they will instead use this as an opportunity to grandstand and add presidential campaign rhetoric to an already overwhelming challenge?
It seems to me like this is a desperate attempt by McCain to avoid having to debate Obama because his practice sessions don’t seem to be going all that well. This is a man who is part of the problem and now he is going to rush to DC to fix it? Really? The other day, his solution to the problem was to fire someone over whom he had no authority — if he were president.
I’d rather hear his and Obama’s plans for how to work through the remainder of the problems we are facing. It’s doubtful to me that these two can move the needle that much on this particular issue.
But it would give McCain a great photo op and some talking points that stray away from the reality of his terrible decisions — especially his “marketing stunt” of a VP candidate.
Comment by JMS -
I, too, am tempted to assume that McCain is simply pandering and mostly trying to avoid a debate that he knows he is going to lose. I guess that’s the price you pay when you go from being Mr. Campaign Finance Reform to Mr. Victory Fund, from Mr. Deregulation to Mr. Populist Regulator, from Ms. We Can Play Stump The Candidate to Ms. No Open Debates, from Mr. Reach Across the Aisle to Mr. Vote With GWB 90% of the Time.
Here’s an idea. Maybe they can do their part to help get the legislation passed AND still have the debate.
Comment by Jay -
Just in time for the Black Thursday (October 24, 1929) and Black Tuesday (October 29, 1929) anniversaries. Great Depression Part 2 coming soon to ALL theatres near you…
Comment by Jim Parham -
This will be the first time since April McCain has even been around to cast a vote. Guess nothing important was going on when he was missing over 60% of the votes.
Comment by Jason -
Terrible move. These guys need to be telling us what they’re going to do to fix the country.
I’m sure glad we have the endless economic wisdom of McCain in Congress
(for the first time since April)
Comment by Justin -
Whatever congress decides, either Obama or McCain will inherit.
If I was running, I’d definitely want to be there. At a minimum to
know what I’m in for. If either of them can influence things in a
positive direction, that would be a bonus.
Comment by John -
I do know there is more information on a timeline of the events that
is missing from the WSJ story. An 8:30 phone call to McCain before
the announcement.
Comment by Michael -
1) Shouldn’t you refer to him as Senator Obama?
Would you call John McCain “Senator John”?
2) How will this help the bailout debate?
Instead of reaching some ground rules for a bipartisan effort –
as the Obama tried to do this morning when they contacted
the McCain campaign – McCain has now effectively politicized the
issue even more, not less.
I welcome your thoughts.
Comment by Seth -
This is a critical time for our country. While I appreciate that both candidates have signaled their willingness to help, Congress and the Administration have a process in place to reach a solution to this unprecedented financial crisis. I understand that the candidates are putting together a joint statement at Senator Obama’s suggestion. But it would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation’s economy. If that changes, we will call upon them. We need leadership; not a campaign photo op. If there were ever a time for both candidates to hold a debate before the American people about this serious challenge, it is now.
– Harry Reid
Turns out a POTUS should be able to multi-task. Come on Cuban, even you can walk and chew gum at the same time.
Comment by Jason -
Wow! Nice call, Mr. Cuban.
Comment by Jeff Beckham -
It’s a publicity stunt. One (or 2) people won’t change this bill or the crisis.
Comment by Jason -
Apparently, the Obama campaign was already in talks with the McCain campaign to release some unified message when McCain up and announced his campaign suspension. I.e. there are some interpreting McCain’s action to largely be a politically motivated move to undermine Obama’s campaign.
I don’t know enough to agree with such accusations, but do know enough to believe that a questioning of motives is warranted.
In the end, that both campaigns are recognizing the seriousness of the situation and are working to contribute to the solution does definitely seem to be the case, political posturing be damned.
Comment by bbum -
Looks like Mark is in line for a cabinet post if McCain wins.
Maybe “Secretary of Zone Defense”?
Comment by l.a.guy -
It was actually Senator Obama who called Senator McCain this morning to ask him to join in a bipartisan proposal to deal with this situation. McCain accepted, 6 hours later, then immediately went public with this “I’M going to work on the economy, and I hope Obama will do the same,” spiel. It’s smoke and mirrors. He’s going to get throttled in the debates like Kennedy did to Nixon, and he’s basically faking an injury in the 4th quarter of the game.
http://www.cnn.com/2008/POLITICS/09/24/campaign.wrap/index.html
please don’t post my email
Comment by ben -
This is a ploy…McCain is floundering and needs to pull attention away from his campaign.
He can’t match Barrack on a stage in a debate, so he is running. Hiding just like they are hiding Pallin… Maybe he should send her in his place. Or figure out how to use some technology,so he can be in two places at once.
Comment by jsandifer -
This would mean something if it didn’t take him until Wednesday (and some not so good looking polling) to decide this was really important enough to go back to work. As it is, it appears he’s pandering.
Comment by jamesn -
Highly suspect. If the campaign hadn’t previously refused to let Palin talk to reporters, not allow her to campaign on her own, not request changes to the VP debate format, etc., I MIGHT believe this was for the good of the people. However, McCain has publicly stated that he is not an expert in economics. There are, however, dozens and dozens of people who ARE experts working on this right now. To me, it looks like he’s running away from the debate, which is a shame for him, because he’d probably have an advantage, since it’s on foreign policy.
Comment by Kristine -
That’s Senator Obama.
Obama will have to respond in kind as soon as he can. What is disappointing is that people are questioning the importance of doing this, instead complaining that this is “evidence” that McCain is trying to distract people from his campaign.
I hope both men (along with Biden) get back to the Senate and work on this. Alternatively, we could require that any holder of public office campaigning at a given time (after Super Tuesday?) for a different office resign.
Comment by Neil -
I saw the article on cnn.com and my first thought was, “I didn’t know McCain read Mr. Cubans’ blog.”
Comment by Corey Baldwin -
Arghh, I just got the email from McCain, and I was coming in to say the same, but you beat me to the punch. I’m pasting it below anyways..
John McCain’s Remarks on the Economic Crisis
New York, NY
Wednesday, September 24, 2008
America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.
Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns. This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward. I have also spoken with members of Congress to hear their perspective.
It has become clear that no consensus has developed to support the Administration’s proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.
Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.
I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.
We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis.
I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.
Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.
Comment by Andrew -