Reacting to polls showing Americans are furious about the economic meltdown, John McCain wants to postpone Friday's debate and is heading back to Washington to involve himself in the bailout process.
Now that's a smart move. By suspending his campaign for a few days, McCain is trying to make himself part of the solution, because right now many Americans see him as part of the problem.
Wednesday, the initial economic meltdown polls rolled in, and they're good news for Barack Obama. Angry Americans are turning toward the new guy, Obama, and away from the old guy, McCain.
A new FOX News/Opinion Dynamics poll says Obama now leads McCain by six points nationwide. Two weeks ago, McCain was ahead by three points. When asked who is better suited to handle the economy, Obama leads by 10 points. The daily tracking polls by Gallup and Rasmussen are closer.
But there's no question the chaos from Wall Street is helping Senator Obama at this point. So McCain is making a bold move. Whether it will work, of course, remains to be seen.
But here's something "Talking Points" has picked up. We can forget about universal health care, an Obama signature, and we can forget about a meaningful tax cut, a primary issue for McCain. The enormous amount of money needed to save American financial institutions makes it impossible for expensive entitlements to be financed, and Senator Obama knows it.
(BEGIN VIDEO CLIP)
BARACK OBAMA: Does that mean that I can do everything that I've called for in this campaign right away?
MATT LAUER, CO-HOST, "TODAY" SHOW: Probably not.
OBAMA: Probably not. I think we're going to have to phase it in. A lot of it's going to depend on what our tax revenues look like.
(END VIDEO CLIP)
Well, after the meltdown, those revenues are going to decline drastically, and a tax hike could wreck the economy completely. So tax rates will likely stay pretty much the same no matter who is elected.
Spending will definitely have to be cut, with the top priorities being fighting the terrorists and keeping the financial institutions operating.
And just keep in mind that if Congress votes against the bailout and allows the economy to implode, disaster will follow. Foreign investors would pull their money out of our markets and panic would ensue.
Very simply, we the taxpayers have to save the country from incompetent politicians and corrupt business people.
Where we go from here is a confusing and daunting vision. Americans are very angry right now, and some are not thinking clearly. But what is clear is that we need leaders who will warn us when bad things are unfolding and put our well being ahead of special interests and ideology. Those are the kinds of leaders we need.
And that's "The Memo."
Pinheads & Patriots
Business guy Warren Buffett says he will invest about $5 billion in Goldman Sachs, restoring a bit of confidence to the financial sector. Now we believe the deal will probably benefit Buffett's company, but it also helps the country. So old Warren is a patriot.
On the pinhead front, another case of we report, you decide.
(BEGIN VIDEO CLIP)
CONAN O'BRIEN, HOST, "LATE NIGHT WITH CONAN O'BRIEN": Yesterday the president of Iran, Mahmoud Ahmadinejad, challenged John McCain to a debate. Did you know that? Yes. McCain says if he wanted to be attacked by an extremist in an unfair environment, he'd appear on MSNBC.
(END VIDEO CLIP)
I know there's a pinhead in that joke somewhere.
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