Ned - There was a lot going in during the financial crisis in 2008 and McCain made several missteps which likely cost him votes. Did they cost him the election? I have no idea. The following is a taking from the Guardian o 9/25/2008
theguardian.com/world/2…
However, it was widely noted that McCain did not even arrive in Washington until after Democratic and Republic leaders announced they had the outlines of a rescue package.
McCain admitted as recently as Tuesday that he had not taken the time to even read the bailout plan, according to an NBC interview transcript distributed by the Obama camp.
But that did not stop the Republican from seizing the headlines for two days in a row. McCain first wrongfooted Obama yesterday with his stunning anouncement that he would suspend his campaign and would not attend the debate in Mississippi.
Today, he struck again, appropriating Obama's conditions for the rescue deal - barely 24 hours after rejecting them.
The Democrat had proposed the conditions during discussions with McCain yesterday about a joint statement from the presidential candidates about the financial crisis.
In their proposals the Obama camp had called for an independent oversight board, a mechanism to protect taxpayers, a curb on outsized payments to Wall Street executives, and relief for homeowners faced with losing homes. The proposal for a joint statement also rejected attaching other measures, or earmarks, to the bill.
In his speech today McCain adopted nearly identical language - as well as the essence of four of the five measures: an oversight board, protection for taxpayers, controls on compensation for Wall Street executives and a ban on earmarks. However, McCain made no mention of relief for homeowners.
McCain's newfound sense of urgency for reaching a deal on the rescue package comes after a number of new polls suggesting that the economic crisis was costing the Republican support.
As I recall, the "too big to fail" institutions were grossly undercapitalized due to changes made in banking regulations from 1980 - 2007. Also, few people understood the dangers posed by sub-prime mortgages many of them issued at 100% of a homes value. Literally people could get into a home with virtually no skin in the game. Another cause of the 2008 financial crisis were derivatives as well as the loose money policy of the Fed, which was led by Alan Greenspan.
I'm a big Senator McCain fan, but during that one meeting he appeared lost and devoid of ideas on how to deal with the crisis and frankly Obama didn't.