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McCain Not Commenting on Stock Fluctuations

By Michael D. Shear
Sen. John McCain's campaign manager said he sees no reason why McCain or his staff should comment regularly on the declining stock market, saying that he doesn't know what they would say.

"It doesn't mean we don't care and aren't trying to do something about it, it's just I'm not exactly sure what you'd say everyday," said Rick Davis.

The comment came as McCain did not comment directly on the stock market decline for the second day in a row. At a morning rally, the Republican nominee called for suspending rules that require seniors to begin selling their stock in retirement accounts at 70-and-a-half years old.

Asked by reporters why McCain has not issued a statement on the stock market decline, as Sen. Barack Obama has, Davis said he saw no reason to.

"There's very little a candidate for president and, after watching today, very little a president can say, about what's happening in the stock market," Davis said, referring to President Bush's brief comments on the decline earlier today.

The market plunged almost 1,000 points early Friday morning, but then recovered somewhat during the next several hours. By 3:30, the market had recovered all of its losses and was up about 50 points.

"Honestly, I can't imagine a situation where on a daily basis a candidate would put out a statement about what the market is doing," Davis said. "John McCain talked yesterday at length about what he's trying to do to stem the crisis."

Obama issued the following statement just before 7 p.m. Thursday: "As millions of Americans lost more of their investments and hard-earned retirement savings today, it is critical that the Treasury Department move as quickly possible to implement the rescue plan that passed Congress so that we can ease this credit crisis that's preventing
businesses and consumers from getting loans and causing dangerous instability in our market. While we face a very serious challenge, now is not the time for fear or panic, but for all of us to come together with resolve and determination that we can steer ourselves
out of this crisis and restore confidence in the American economy."

Posted at 3:37 PM ET on Oct 10, 2008  | Category:  John McCain
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jhpbriton,

This is a rather gross oversimplification of what has happened. It wasn't the sub primes alone which brought this on and the executive branch certainly has been a willing participant through several administrations, in this mess.

Certainly there were bad lending practices going on which foolishly overexposed many institutions, but to neglect the rise of the exotic, not well understood and unregulated investment vehicles among other causes as part of this is like saying John Brown started the Civil War single handedly.

As any student of history knows, to grasp an understanding of it, you have to view events in context. Looking at isolated events or a single, narrow issue will lead to false conclusions and lack of true understanding.

Posted by: wes1155 | October 11, 2008 5:49 AM

The executive branch did not cause this mess, it can not fix it. Legislatively we need to reinstall sound fiscal lending policies for all home mortgages (20% down, no sub-primes, no more than 30% of take home pay devoted to monthly payment). Fannie Mae, Freddie Mac, Countrywide (Dodd's favorite), and ACORN inserted the virus that brought down the entire system. You CAN NOT manipulate the beta (risk). This is simple ECON 101. The gods of wall street failed. Someone who is earning less than $50K a year and has no money for a down payment should not be purchasing a $200K home with no capital!!!!

This is what caused the freaking meltdown.

Posted by: jhpbriton | October 10, 2008 8:12 PM

I'm sure he had plenty of things to say about Ayers today and the rest of Obama's "associations". I wonder if markets overseas took note of his Ayers/Rezko/Daley comments and that gave them confidence to open higher on Monday.

His lack of communication regarding the market, even doing what Bush did in telling the public not to panic, would have showed some type of leadership and at least an attempt to empathize with what people are going through who don't have a rich, heiress wife and government jobs, government pensions and government health care like McCain does.

I watched the European Markets open at 4:00 AM this morning and immediately plunge 10% after the Asian markets dropped 7-8% and that's only one day. Please Senator McCain explain to the American public how this Obama association nonsense is going to help Americans who have seen their pensions and life savings devalued by over 40% in one year.

Hell, Senator McCain, tell the American people you don't have an idea on how to fix the crisis but that you're going to invite the best and brightest economists and financial professionals to a summit at your AZ ranch to come up with a plan. You can send Gov. Palin there for a few days to practice for the debate, but you can't you use your Republican Party leadership to get people who know what they're doing to help come up with a plan?

Give us something to hope for.

Posted by: flyfishchef | October 10, 2008 5:02 PM

The real McCain: My ambitions first, country last.

http://www.rollingstone.com/news/story/23316912/makebelieve_maverick/print

Posted by: BAC-Independent | October 10, 2008 4:45 PM

This quote says it all, McCain doesn't think presidents have anything to do with the economy:

"There's very little a candidate for president and, after watching today, very little a president can say, about what's happening in the stock market," Davis said, referring to President Bush's brief comments on the decline earlier today.
"

Posted by: julian9682 | October 10, 2008 4:38 PM

I'm sorry to admit it, but I did support John McCain in the 2000 Republican primaries. Now, with the kind of campaign he's running, I can't believe my political judgment could have been so in error. McCain and Palin are coming dangerously close to inciting violence against Senator Obama. The McCain-Palin tone may be firing up the GOP base, but one has to wonder about the sanity of a GOP base that believes in all of these crazy conspiracy theories. In any event, what ARE these people so angry about? Didn't they hire the guys (Bush and Cheney) who got us into this mess, or can't they see that now and prefer to find scapegoats for their poor decision? Moreover, what about the role of the news media in all of this? They haven't exactly wrapped themselves in glory in their decision to give widespread play to every nutty slander that McCain-Palin has leveled. The media has played a role in stoking this hysteria by lending it the oxygen of blanket, unexamined coverage, and perhaps only the media can help to bring people back to earth. What do you think, WP?

Posted by: osullivanc1 | October 10, 2008 4:22 PM

Maybe it is because he just plain doesn't care.

Posted by: MarcMyWords | October 10, 2008 4:12 PM

Why isn't he suspending his campaign?? Making phone calls? Having meeting? It's way worse now than it was then?

It'll be nice to see John McCain back in the Senate in January, reaching across the aisle like he's done in the past, he knows how to do that. Helping Obama win the war of terror because he knows how to do that, helping Obama fix the economy, he knows what needs to be done....but now??? No comment!

Posted by: thebobbob | October 10, 2008 4:05 PM

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