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President Bush, Barack Obama and John McCain Warn of Dire Financial Times

by Rob Walker | September 30, 2008 at 06:28 am

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US President George W. Bush spoke, again, to the American people this morning, warning that the US economy was at a 'critical moment' and urging the passing of a bailout plan.

Barack Obama was giving the same spiel, warning of a catastrophe if lawmakers failed to act on a plan to save the impending collapsing financial sector.

McCain is apparently un-suspending his campaign and said the American people have the wrong idea for the bailout, and that it should be called a 'rescue'.

John McCain, who "suspended'' his campaign for a day last week and went to Washington to work on the federal bailout talks, insisted today that Congress will keep working until it gets the "rescue'' right - suggesting they stop calling it a bailout.

"We haven't convinced people that this is a rescue effort not just for Wall Street but for Main Street,'' McCain said in an appearance on CNN's American Morning. "All over America, people are going to lose credit... .We didn't do a good enough job.''

Asked about his own influence - and the fact that the entire Arizona congressional delegation in the House voted against the $700-billion measure that collapsed in a 228-205 vote on Monday, McCain said: "If I think I can do some good, I'll do it... I may fail the second time or the third time, but we'll get the job done.''

Republican presidential hopeful John McCain said Tuesday he would keep pushing for a bailout for the US financial system, admitting lawmakers had failed to convince voters of its urgency.

"I'm glad to stay at it. That's what my job is as an American, not as a candidate for president ... We have to get this job done for America and I have a plan to restore our economy," he said.

For the second morning in a row, President Bush went on live TV to try to exert the dwindling political authority of his White House and persuade the denizens of Capitol Hill that they must act -- positively -- on a plan to rescue the economy.

For Wall Street, the message was the same as on Monday: Help is on the way.

His rhetoric was strong -- but his expression, captured by Associated Press photographer Charles Dharapak -- suggested more than a bit of doubt. Indeed, it suggested he knew he was out on a shaky limb.

Democratic presidential candidate Barack Obama warned on Tuesday of catastrophe if U.S. lawmakers failed to act quickly on a plan to save America's collapsing financial sector, a day after the stock market chalked up a record one-day point decline when Congress rejected a $700 billion rescue effort.

"We haven't convinced people that this is a rescue effort, not just for Wall Street but for Main Street America, for working families, for small businesses, the heartland of America — all over America," McCain said on "American Morning" on CNN. "We didn't do a good enough job."