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McCain Aides Accuse Obama Of “Cheerleading” Economic Crisis

Posted by JOE GANDELMAN, Editor-In-Chief in Economy, Politics.
Sep 18th, 2008 | Comments

In a way, it’s a logical extension. Republican Presidential candidate Sen. John McCain’s supporters have sometimes suggested that by criticizing war policy Democratic Sen. Barack Obama didn’t want the U.S. to win or put political values first. Now McCain’s camp is charging that by criticizing the Bush administration’s handling of the economy, the Republicans’ role in it, and McCain’s own assertions that he is “cheer-leading” the Wall Street economic meltdown.

Welcome to 21st century politics, folks, where the overt McCarthyism of the 50s morphed into a somewhat-more-subtle covert form aimed at those who criticize war policy (DISCLAIMER: I am closer to McCain on the war than to Obama and supported McCain in 2000) has now re-morphed into suggestions that he who blasts an administration that has been in power for 8 years on economic chaos on Wall Street is using putting politics before country and egging the economic crisis on. Implication: if you’re cheer-leading you want the crisis to get worse.

This almost sounds like an Andy Borowitz news story, but it is for real:

Top aides to Republian John McCain are claiming Democrat Barack Obama and his advisers are exploiting Wall Street’s financial problems for political gain.

Aide Steve Schmidt, who worked for the Bush-Cheney team in 2004, told reporters Thursday aboard McCain’s plane that Obama is “cheerleading this crisis.” He said McCain is seeking a bipartisan solution although Schmidt and aides Mark Salter and Nicole Wallace also said Democratic congressional leaders should be condemned for considering adjourning without addressing the bankruptcy of Lehman Brothers, the sale of Merrill Lynch and the emergency government loan to insurer AIG.

Question: would a political party that did not aggressively campaign on a near depression that happened on another party’s watch be a competent political party?

Does this mean FDR was a bad American because he aggressively went after Herbert Hoover and his party on the economy?

Was Ronald Reagan a cynical pol when he made Democratic President Jimmy Carter’s incompetent handling of the economy an issue?

Or are only Republicans patriotic and well-meaning Americans when they make economic mismanagement by the other party the issue?

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Silhouette

Wow, a candidate dehumanizing an issue for political gain?

Shocker.

McCain nailing Obama for that is like a nazi accusing someone of anti-semitism.

jwest

Sept. 18 (Bloomberg) -- The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.

One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.

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All we need is a Democrat in the White House to make the picture complete.

I think I’ll hold off hiring some new people until the election is over.

RevDave

I listened to McCain's remarks today in my hometown of Cedar Rapids live on the radio and you could smell the desperation through the radio. He was stumbling and bumbling all over the place and generally incoherent.

Of course, the highlight was Sarah talking about how things will be different in the "Palin-McCain" administration - me thinks she is looking ahead already to future elections.

daveinboca

We know that before the surge, the Dems led by Harry Reid were pontificating that "the war is already lost" with a hopeful tone.

Now they're doing the same with the economy. I was a Democrat for twenty-five years before I grew up and figured out that their main goal is to aggrandize themselves on public money and exercise control over private enterprise. That remains their only reason for existence and their politics resemble a giant RICO scheme.

elrod

Dave seems to forget that a Republican Administration just nationalized AIG.

BTW, this is a pathetic and desperate ploy from McCain. Is he saying that Wall Street investors are actually selling stocks because Obama is mocking McCain's views of the economy. How stupid does Steve Schmidt think we are?

Wall Street is melting down because of some atrocious decisions made by greedy corporate executives, and because the philosophy of excessive deregulation prevented common sense control over the markets. McCain can't suddenly pretend that he's some Robert Reich-style regulator after supporting Phil Gramm's policies all these years. He's not credible.

StockBoySF

I guess this means that McCain knows he can't win on the economic issue so he's trying to turn it on its head and go after Obama on it. It's hilarious, but that's politics for you!

casualobserver

All this economic stuff is above my pay grade, however, Joe, to your point "Or are only Republicans patriotic " cannot be true because Joe Biden says if I don't like paying high taxes, I cannot be patriotic.

Slamfu

Typical conservative response. Yet another major issue crops up under this administrations watch and so lets turn on those who point out that inconvenient truth. All things conservative are detrimental to the long term health of this nation, blind faith in deregulation is one of them. And no matter how big a fiasco it generates, I assure you regular watchers of FOX will still think its the key to a healthy economy even as they are fleeced by those protected by the policies of those they voted into office.

I used to be a conservative, then I grew up, started taking notes, and between 2000 and 2008 turned into a die hard liberal. All you have to do is look at results.

jwest

Slamfu,

I would hate to be an Aztec high priest during an eclipse if you were around.

“Hey, it happened while he was supposed to be taking care of the gods. Let’s cut his heart out so the crops will grow again.”

If you toss out facts and logic, I guess you can rationalize just about anything.

casualobserver

Typical conservative response. Yet another major issue crops up under this administrations watch and so lets turn on those who point out that inconvenient truth.

Tell you what, slamfu...let's walk the walk instead of talking the talk. The fiscal '07 unfunded deficit of the US is some $85 trillion.......per household that comes to about $447,000.

I am prepared to write a check for my share as soon as you write yours.

kritt11

Well, conservatives don't walk the walk, CO. Look at the massive growth of government spending since 2001. When Republicans took over Congress did they cut back on earmarks? Some of the biggest earmark offenders are in the GOP, including the chief executive, himself. Aren't they supposed to stand for balance budgets? We now have replaced a large surplus with a 400 billion dollar deficit. And now a Republican administration who touted their handling of the economy has had to nationalize a major corporation, and deal with a panic on Wall Street because of their policies.

DLS

I haven't heard or seen anything that says the Obama group is happy about misfortune in this country, though that has been the case with the Left before, and even if it is true now, it's not necessarily a leftist phenomenon, but an "opposition" kind of phenomenon; nobody necessarily wishes hardship or disaster for anyone, but of course the party of power in this country is naturally going to relish misfortune, which it can exploit as part of its campaign strategy to retake power in Washington.

If they're openly cheering, they are scum; but I haven't seen evidence of this myself -- and I'd let a smirk or two "slide by."

DLS

Dave in Boca -- one thing the Dems can be hammered for is that they're professing helplessness currently in Congress to do anything to assist anyone with the economy, and are planning on leaving on vacation (excuse me, recess) as scheduled; that is, they are doing nothing themselves but sitting back and criticizing the Bush administration and the GOP and in doing nothing, hoping that things will remain bad or get worse between now and November.

DLS

"inconvenient truth"

I see this and tangentially, I have to laugh -- I've been reading classic and contemporary books on global warming lately (Lovelock, Gribbin, Schneider, et cetera) and one critic (he is awake, as I am) at least corrected shamster alarmist Gore's book's title: "A Convenient Religion" (complete with priests and punishments for lack of faith, or heresy).

kritt11

BTW, I predicted things would get a lot uglier and they have. The McCain (Rove) camp is conducting push polls in the states with a lot of Jewish people, giving the firm impression that Obama is allied with Hamas-- just in case any of them were planning on voting for him. This despite his firm support of Israel in the Senate!

I guess when the RNC starts losing in the polls, they reveal their true nature.

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