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Thursday, November 6, 2008

Behind the Scenes of the Financial Crisis

The Wall Street Journal has extraordinarily revealing information about what caused John McCain to "suspend" his campaign and travel to Washington to deal with the financial crisis. The finger-pointing at Palin continues. The article also reveals Obama's reaction to what happened when things blew up in the White House crisis meeting. Obama and Bush apparently had to team up to work together, without McCain's help.
Beyond the economic tumult, troubles in the McCain camp had contributed to the Republican's extraordinary move. These included a shaky performance by his running mate in a mock debate and an admonition to Sen. McCain by some major donors to quit blasting Wall Street and focus on solutions. Suspending the campaign, one McCain adviser recalls hoping, would let them "push the reset button."

"What does that mean -- suspend the campaign?" Sen. Obama asked his staff on the trail, according to aides. At a news conference in Florida, he said, "It's going to be part of the president's job to be able to deal with more than one thing at once."

The next day, while conservative House Republicans maneuvered behind the scenes to block the bailout bill, Sen. McCain sat largely silent at a crisis summit at the White House. Afterward, Sen. Obama called his staff from his car: "I've never seen anything like this," he said, according to several aides. "Some of the Republicans are clueless. Bush and I were trying to convince them."
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