Did McCain Sink the Bailout?

If this is true and if Congress does not pass this bailout then I will be calling it the McCain Depression.

Late Thursday, McCain's campaign issued a statement saying, "the plan that has been put forth by the administration does not enjoy the confidence of the American people as it will not protect the taxpayers and will sacrifice Main Street in favor of Wall Street."

You sir, Senator (and hopefully you will stay a Senator) McCain are wrong. I'm sorry to have to say it but sometimes the American people's confidence needs to be sacrificed for the greater good. This plan will protect the taxpayers and the economy. Even if those self-same American taxpayers do not understand it.

I would rather take Obama voting Present then McCain voting for a Great Depression. The world economy is just too important to throw down the crapper for the principles of no government intrusion and "protecting" the taxpayers. Also the House GOP proposal is asinine:

One group of House GOP lawmakers circulated an alternative that would put much less focus on a government takeover of failing institutions' sour assets. This proposal would have the government provide insurance to companies that agree to hold frozen assets, rather than have the U.S. purchase the assets.

Buying Insurance does not create liquidity. How much would the companies that take "frozen asset insurance" have to pay for that insurance? Do they have to use the capital that they don't have or can they go to the discount window and take money from taxpayers? Doesn't the government suddenly become a massive insurance company? The GOP plan is just freezing the cancer and hoping it doesn't grow instead of cutting it out of the body.

The GOP is betraying Main Street and they will be blamed when (not if) the economy goes into a deep depression. If that happens then I say vote them all out and let's give the Dems a shot at running the country. The McCain Depression will usher all of these stupid neo-Hoovers right out the door.

The GOP obviously doesn't care about the regular people (home owners, car buyers, credit card holders, auto industry, banking industry, housing industry, the US dollar, companies that need credit for expansion etc etc.) that will be hurt by this mess. I guess McCain "just doesn't get it" after all. Oh well, Obama will at least back Stem Cell research so I guess there is some good there.