Politik and the current crisis

As both the political cognoscenti and even David Letterman turn on McCain's move, Obama's eminently sensible principles (which the McCain campaign rejected for inclusion in the otherwise totally saccharine joint statement) seem the logical way to proceed from a strictly policy-minded perspective:

1) Oversight
2) Taxpayer refund/profit
3) No Govt welfare for CEO greed
4) Foreclosure relief for families
5) No earmarks

Also included should be Senator Schumer's too-sensible-to-be-true idea of handing the money over in tranches, so we're "only" $150bn down for now and the next President can review the situation. And I like the Clintons' idea of "a moratorium on home foreclosures for 60 to 90 days so that they could all be reviewed."

But wait, is McCain preparing to vote no? Even as his Veep warns we're on the brink of another Great Depression? Even as he himself says this is "the most serious crisis since the end of World War II" (and you thought Korean War, the Cuban Missile Crisis and Vietnam were bad)?

Now, far be it for this blog to see some kind of inter-relationship between politics and policy but if Obama wants to respond in kind to McCain's injection of politics into policy then there's a one word way of doing so:

Earmarks.

Oh how McCain hates them. So, dump your fifth principle Barack and add the following to the bill:

• provisions for job training schemes in MI, OH, PA and IN to deal with the 7 year high in unemployment
• Congressional protection of CO water rights against Arizonan encroachment
  
• a bailout for the automotive industry in MI
  
• a massive expansion of veterans support in VA
• protection for FL seniors' prescription drug coverage
  

The markets recover. Voters love it. McCain is forced to vote no and becomes both irrelevant and unpopular. Now, Obama won't do it, but I bet LBJ would have.