Friday, September 26, 2008


Helena Cobban

Financial crisis, leadership, and governance
I have to say, first, that I think it's completely inappropriate for any presidential candidate to be injecting himself (and thereby, the whole business of election-campaign politics) into the present situation of crisis-time economic governance. Neither John McCain nor Barack Obama has any responsibility under the law for dealing with the current crisis that is any greateer than that of any of the other 98 US senators. They are not the leaders of-- or even, as far as I know, members of-- any of the relevant Senate committees. Yes, they need to be kept informed of what's going on in the negotiations in Washington (which are reported to be nearing completion.) But they are not members of the current congressional leadership. It is that leadership, the leadership of the administrative branch, and the heads of the Federal reserve and SEC who between them need to reach agreement on the size, terms, and modalities of the bailout package.

McCain's rushing around acting as though he is currently the "leader" of something is childish at best, an active distraction at worst.

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