Posted by
David Zublick on Sunday, September 28, 2008 1:34:35 PM
Last Friday's debate between John McCain and
Barack Obama
proved to be a let down to most rational thinking conservatives. Sure,
it would have been easy to claim victory as some on the right side of
the political spectrum did. But in analyzing the debate from a critical
perspective, McCain just didn't measure up.
Not that he didn't
score several points on foreign policy and national security issues.
This is McCain's strong suit. He vigorously defended the war in Iraq,
the dangers posed by
Obama's plan for a quick withdrawal without a clear plan for victory, and the threat from
al Q
aeda and the Taliban in Pakistan and Afghanistan. He seemed in complete command when discussing
Obama's plan to cut off aid to Pakistan, something McCain is clearly not prepared to do.
McCain also chastised
Obama soundly for his willingness to sit down with world leaders who pose a serious threat to other nations, such as Mahmoud
Ahmadinejad without
pre-conditions.
Obama did not seem to present a clear defense of his arguments for such meetings.
But where
Obama appeared to excel, and where McCain seemed weak, was in the area of the
financial
crisis. The first 39 minutes of the debate was devoted to the bailout
and conditions on Wall Street, and despite what some conservative
pundits would have us believe,
Obama
was well coached. He pounded away at what he said was eight years of
Republican responsibility for the mess the nation faces due in large
part to the tax policies of the Bush administration.
McCain missed a golden opportunity to point out that he called for reform of Fannie Mae and Freddie Mac and Democrats fought
McCain's efforts to thwart the current financial crisis.
John
McCain urged action more than two years ago, co-sponsoring legislation
to reform Fannie Mae and Freddie Mac warning: "If congress does not
act, American taxpayers will continue to be exposed to the enormous
risk that Fannie Mae and Freddie Mac pose to the housing market, the
overall financial system, and the economy as a whole." McCain: "I join
as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act
of 2005, S. 190, to underscore my support for quick passage of
GSE
regulatory reform legislation. If Congress does not act, American
taxpayers will continue to be exposed to the enormous risk that Fannie
Mae and Freddie Mac pose to the housing market, the overall financial
system, and the economy as a whole." (Office Of U.S. Senator John
McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing
Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06).
In
2002, McCain called for greater oversight of financial markets
following accounting scandals. "In the aftermath of the Enron collapse
and other accounting scandals, he was a leader, with Sen. Carl M. Levin
(D-Mich.), in pushing to require that companies treat stock options
granted to employees as expenses on their balance sheets. 'I have long
opposed unnecessary regulation of business activity, mindful that the
heavy hand of government can discourage innovation,' he wrote in a July
2002 op-ed in the New York Times. 'But in the current climate only a
restoration of the system of checks and balances that once protected
the American investor -- and that has seriously deteriorated over the
past 10 years -- can restore the confidence that makes financial
markets work.'" (Editorial, "'Always For Less Regulation?'" The
Washington Post, 9/19/08).
Why didn't McCain more vigorously
defend his record of reform while making it exceedingly clear that it
was the Democrats led by Barney Frank who opposed such reform every
step of the way as far back as 1992?
Clearly, the financial
meltdown is the front and center issue in this year's presidential
election. McCain should have been all over this, and he was not. He
also clearly looked tired, whereas
Obama looked strong and in command.
Those who expected
Obama to stumble his way through this debate were sorely disappointed.
McCain must come out swinging in the next debate. And his running mate Sarah
Palin, needs to have a strong showing this Thursday, as she goes up against Joe
Biden,
who by all accounts has his hands tied behind his back coming off of
this past week's gaffes, such as who was president during the time of
the stock market crash of 1929.
Time is running out. We are a
little over a month away from the most serious election of our
lifetime. If McCain hopes to have a chance, he must show strength,
enthusiasm, and a vitality that was clearly not present in last
Friday's face-off.
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