NEW YORK (CNN) -- Republican presidential candidate John McCain announced Wednesday that he is suspending his campaign to return to Washington and focus on the "historic" crisis facing the U.S. economy.It would be supremely ironic if John McCain's economic incompetence, combined with his legendary temper, brought this Hindenburg of a bill down in flames.
Well, I can dream, can't I?
UPDATE: Scott Ott hits a home run:
The president, in remarks to the news media clearly aimed at reluctant Republicans in Congress, said, “Our financial system rests on a foundation of huge banks, brokerage houses and quasi-governmental agencies that followed Washington’s lead by gambling on long-shot, poorly-collateralized investments. Now this glorious way of life is threatened, and we must act to preserve it.”Read it twice.
(hat tip: Magruder)
UPDATE II: Just in case anyone thinks a $700b is closer to the end than the beginning, know this:
The banking system needs another $500 billion to survive beyond the $700 billion rescue plan being contemplated by Congress, said Pimco founder Bill Gross...It's not up in the air at all. They just haven't told you yet.
"The plan goes far but it doesn't go far enough in terms of recapitalization," he said. "The banking system and the investment banking system in total really requires about $500 billion more. Where that comes from is still up in the air."