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New RNC Ad Dismisses Bailout as McCain Works for It

Updated 9:05 p.m.
By Ed O'Keefe
A new ad from the Republican National Committee's independent expenditure unit seems to dismiss the economic bailout proposals that John McCain continues to work on, potentially confusing voters by leading them to think the senator opposes the measures. The ad also criticizes Barack Obama for the size and costs of his government spending proposals.

"Wall Street squanders our money and Washington is forced to bail them out with -- you guessed it -- our money," the RNC ad states. "Can it get any worse? Under Barack Obama's plan, the government would spend a trillion dollars more, even after the bailout. A trillion dollars. Who pays? You do. New taxes. New spending. New debt. Barack Obama's plan: It will make the problem worse."

McCain told CNN this morning that in spite of fierce opposition to the bailout, "I'm glad to stay at it. That's what my job is, I believe, as an American, not as a candidate for president." McCain said he spoke with President Bush this morning and expressed support for a proposed increase of FDIC insurance levels on bank deposits from $100,000 to $250,000.

"For John McCain's party to demagogue a rescue plan that he supports in order to score cheap political points is not only dishonest and dishonorable, it is the height of irresponsibility on a day when we urgently need to pass that plan to prevent an economic catastrophe," Obama campaign spokesman Bill Burton said in response to the spot.

The ad states Obama's government spending plans would cost "a trillion dollars or more," citing a Feb. 2008 Investor's Business Daily report that forecasts Obama's plans would mean "spending of nearly $1 trillion," leading to "no hope of anything resembling a balanced budget."

During Friday's debate, McCain suggested Obama's total government spending would cost at least $850 billion.

The RNC will spend $5 million to air the ad in Indiana, Michigan, Ohio, Pennsylania, Virginia and Wisconsin, according to Brad Todd, who oversees the party's independent expenditure unit. The unit was created in July to target Obama through advertising and mailers. Some of the unit's funding comes from money once raised by the McCain campaign, but by law it cannot coordinate with the campaign or the RNC.

By Web Politics Editor  |  September 30, 2008; 12:11 PM ET
Categories:  Channel 08 , Economy , John McCain , Republican Party  
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Next: Obama Pushes Passage of Wall Steet Rescue Bill


god is good!he have turned every situtions around that mcsame and his chumps have throwed his way you see the devil will have you looking like fool in front of everybody and then he will leave you standing there all by yourself like mcsame is doing for the last two to three weeks he is looking stupid and now this has happened it is just time for those anything goes politics because people are not down with that any more we are smarter than thatBREAKING NEWS: OBAMA BIDEN, MCSAME IS GOING TO WASHINGTON TOMORROW AND BEAT YOUANY THING THAT OBAMA&BIDEN WILL GET SOMETHING DONE WITH THIS IT IS CALLED NATURE BORN LEADERSHIP WITH OBAMA&BIDEN (MCSAME HAVE FELL OFF).. for those of you that don't know what that is that means he needs medical help in his head... he is in a confused & lying state state of mine..oh ya guess what mcsame said that he did not attack obama on the crises on wall street at all at his campaigne yesterday and i now that, that is lie because i looked at it and wrote about it right here the choose is so simple between obama&biden and mcsame&palin and i know who i choose and it is obama all day long because ain't know way i am going to let one more president lie to me to my face and i go vote for him that is one thing about a compulsive lier they can't keep all there lies straight but they can tell one with a straight face. and if obama was going to tell lies he would have told them by now and the american people would have seen that by now and i have been looking at both canidates four almost two years now. VOTE OBAMA'08 VOTE OBAMA'08VOTEOBAMA'08

Posted by: obama1 | September 30, 2008 11:00 PM | Report abuse

Those who rant against Obama and McCain have their own political agenda. Read what they say and see how it benefits you directly. Those who are completely against a bailout and those who are against this bailout and don't specify what change they want and how that will benefit you are thinking like animals do. They are using the primitive part of their brain the part that thinks only of now. We need to think with our cortex because that is how we plan for the future.

Posted by: Gator-ron | September 30, 2008 5:27 PM | Report abuse




• "Work-outs" for strapped homeowners as well as for those who were forced out of their houses by unscrupulous lending practices

Today's market rebound, while short of covering yesterday's losses, proves the markets can survive without welfare for the rich.

House Republicans saved the day by refusing to go along. Obama and the Dems stand to lose politically for their willingness to buy into a flawed plan.

McCain will adopt their view of the House GOPers, and emerge the victor -- UNLESS Obama, Pelosi and Reid cease their appeasement and come up with their own bill, one that offers meaningful "work-outs" and grants a primary equity position for taxpayers in any bad debt buy-outs.

If Congress is going to socialize risk, then it must engage in democratic socialism and let the public share in the upside. Otherwise, lawmakers are endorsing NATIONAL socialism -- and we all know what THAT can mean.

Congressional Democrats must stand up to Wall Street's extortion demands by mandating a "work-out" system to help homeowners stay in their houses, thus guaranteeing the solvency of mortgage instruments held by financial institutions.

Both Barack Obama and John McCain sold out the people. Obama's ads convey the right message: Put the homeowners first. But the bill did not do that. Instead, it was a welfare program for Wall Street fat cats and their corporations, with one man, the Treasury secretary, in charge of doling out the goodies. The "oversight" provisions contained in the defeated bill were largely window-dressing.

One must wonder whether there are some who'd secretly like to see the economy go down the skids -- setting the stage for widespread economic travail that could lead to social unrest and an opening for a repressive political regime.

Remember: The Nazis rose to power amid economic chaos, fueled by convenient events such as the Reichstag fire.

To thwart those who would seek to exploit economic tumult to achieve their peculiar brand of "social engineering," both Obama and McCain would be wise to insist on a bill that saves the economy by restoring the underlying value of mortgage-backed securities instead of simply handing out money to those who were complicit in creating the crisis.

And the bill also should come to the rescue of all those who lost their houses to a corrupt system within the past few years.


See re: "Government Targeting of U.S. Citizens: A Root Cause of Financial Crisis?"

Posted by: scrivener50 | September 30, 2008 4:08 PM | Report abuse

If this is how he runs his campaign, you can imagine how badly he'd run the White House. Or would he just turn it over to The Rove JV team? Either way, it's not a pretty sight, collapse and disarray.

That's what happens when ideology confronts reality. There are still stunned and confused communists in East Germany and Russia. They can't deal with a failed ideology so they retreat into their confused, paranoid fantasy world.

It's almost over folks, 35 days.
01/20/09. The end of an Error!

Posted by: thebobbob | September 30, 2008 2:19 PM | Report abuse

Let's take a moment to review how we got here.

First, John McCain came to power as a self-proclaimed "Reagan Revolutionary". He has been devoted to "supply-side", aka voodoo, economics throughout his career. As a member of the Keating 5, and the closest senator to Charles Keating, John McCain set the tone for his career, failed economic policies bordering on criminal activity, the absence of regulation and a slavish devotion to the myth of free markets.

Next, he surrounded himself with the most tainted lobbyists in Washington. The clearest case is that of McCain's own campaign manager, Charlie Black, who remains an officer of the lobbying company which has been receiving tens of thousands of dollars a month from Fannie and Freddie. Did he do any work for them? Did he fight off regulation, or was he simply paid to deliver access to Senator McCain, potentially the next president of the United States.

Moreover, McCain's closest economic advisor and mentor, Senator Phil Gramm, was the ultimate leader of the charge for deregulation. Gramm even said that the current recession is "mental" in nature and evidence that we are a "nation of whiners."

John McCain was clearly under the influence of Phil Gramm, his likely Treasury Secretary if elected, when he failed to understand the economic issues that created this situation. When John McCain declared that "the fundamentals of the economy are strong", he proved himself completely out of touch with working Americans.

When John McCain finally realized his catastrophic failure to see the political disaster in this crisis, he became a radical drama queen and parachuted into the middle of the tense negotiations in Congress. McCain hadn't voted in the Senate since April, but he decided he would make himself out as the great savior of the economy. He "suspended" (not really) his campaign and begged for a debate delay. McCain's unhinged shenanigans shone a white hot spotlight of presidential politics in the middle of the Paulson bailout plan negotiations and destroyed them.

With his erratic power grab, McCain took full ownership of the Paulson plan. He made it his own and then failed to see it through. The Democrats delivered their votes, but McCain, who gave his support to the plan, failed to garner Republican support in the House. Instead, 133 Republicans told McCain to take a long walk off a short pier.

In sum, this is yet another massive failure for John McCain, demonstrating once again his instability and inadequacy. McCain was unable, even in the face of pending economic disaster, to rally his party. With this failure, McCain has gone from primary hero to Pee Wee Herman. Unworthy of trust, and unable to cash the checks his ego writes, John McCain is the one to blame more than anyone for today's 777 point loss on the Dow.

From ideology to ignominy, John McCain owns this disaster.

Here's some more mavericky straight-talk, my friends:

Posted by: DrainYou | September 30, 2008 2:17 PM | Report abuse

This is the Perfect Economic Storm - and it was man made. The Captain has left the bridge and the Sailor are in mutiny. ..........

Posted by: glclark4750 | September 30, 2008 2:06 PM | Report abuse

The Paulson "bailout" is a rescue for his Wall Street friends - a "top-down" solution that will put the sins of CEO's onto the children of America to the seventh generation.

What the American economy REALLY needs is a "bottom-up" solution where our government invests in the American people - where the authentic value in our economy lies - INSTEAD OF investing in virtually worthless paper.

Posted by: miraclestudies | September 30, 2008 2:02 PM | Report abuse

Small wonder why it seems like McCain is giving out mixed messages on the bailout. Does he really plan to fight for it, or is he only willing to "swallow hard" and vote 'yes.'

Posted by: parkerfl1 | September 30, 2008 1:42 PM | Report abuse

lost 2k yesterday in my retirement and god knows how much in my daughters college savings plan while McCain plays footsie with politics.

Posted by: JRM2 | September 30, 2008 1:13 PM


Thank your Democrat Legislators for resisting additional regulations in 2004-6- see McCain ad on AND soon on yout tv screen- But don't believe me...see ABC news for Bill Clinton's appearance on GM America last week.

Chris Cuomo, ABC News: "A little surprising for you to hear the Democrats saying, 'This came out of nowhere, this is all about the Republicans. We had nothing to do with this.' Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situat
President Clinton: "Well, maybe everybody does that a little bit. I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."

Posted by: thecannula | September 30, 2008 1:28 PM | Report abuse

The RNC figures no one is listening to McCain so no one will recognize the contradiction. The RNC plan may be to try to turn the nation against the bailout and then win the election on angry people voting against their own self interest. Sound familiar? it should.

There capacity for mendacity is infinite.

Obama needs to join the bailout plan to his economic package for improving the lives of everyday Americans. The Democrats better learn that partisan politics is not appreciated. Though the Republicans may be more audacious in their partisan politics congresses ultralow approval is a sign that Washington politics is not appreciated. Obama better not be giving us a song and dance either.

I am for the plan and I am as angry as those who voted against it Obama is running on change, he better deliver on change.

Posted by: Gator-ron | September 30, 2008 1:19 PM | Report abuse

So if they can't coordinate with the McCains, they have free rein to lie as much as they want!
Wait, that's the overall Nixon game plan anyway...

Posted by: quatzecoutl | September 30, 2008 12:58 PM | Report abuse

A house divided against itself cannot stand. First, Republicans refused to play along when McCain dive-bombed into the White House last week looking to save the bailout (or improve his standing in the polls, whichever you prefer). Now, here's an RNC ad taking an opposite position than McCain's.

Looks like McCain should spend time getting his house in order before attacking Obama's.

Posted by: Seneca7 | September 30, 2008 12:54 PM | Report abuse


Posted by: thecannula | September 30, 2008 12:34 PM | Report abuse

What part of this organization "is prohibited by law from coordinating with the [McCain} campaign or RNC" (word YOU put in the story) don't you understand? Blame, blame, blame; blame, blame McCain. The WaPo is in the tank for Obama.

Posted by: MarkInAustin | September 30, 2008 12:24 PM | Report abuse

10 new reasons why peeeuuu Palin will not be at the debate on Thursday night.......

10. 900 mile wide head of Putin crossing into Alaska..

9. Field dressing a Carribou

8. Earpiece for the debate was broken

7. Lost way to the debate

6. Unable to go to debate beacuse of her Witch Doctors appointment

5. Speechless after not knowing what McCaints Veteran voting record is

4. Shotgun Wedding

3. Needs more time to read

2. No matter how hard she pulls, she's unable get McCaints hand out of her back

1. Bridge to Nowhere Collapses

"Thanks but no thanks to more lies that bridge America to absolutely nowhere..."

Posted by: AlexP1 | September 30, 2008 12:23 PM | Report abuse

Nothing like having everyone on the same page.

Posted by: wes1155 | September 30, 2008 12:23 PM | Report abuse

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