Debate, Part I: Missed Opportunity

Reflecting on the 1st Presidential Debate of the fall season, there are certainly several positives to talk about in relation to Sen. McCain's performance. He once again delivered when it came to clear, decisive, leadership attributes; especially on the subjects of government spending, and our strategies in various foreign theaters. Based on the arc of the debate, to my viewpoint, he won the evening.

I don't feel satisfied this morning, though. I feel there was a major missed opportunity in last night's discussion, that quite honestly, neither candidate took a real swing at. The major news story of the past couple weeks - the US Treasury takeover of several financial firms, and the proposed 700 billion dollar bailout of even more financial institutions, wasn't competently discussed by either candidate. This was very disheartening.

The moderator, Jim Lehrer, tee'd the issue up for the candidates; a golden opportunity to grasp hold of an issue of major concern, and really set themselves apart from their rivals by discussing the heinous errors that got us here, and defining the principles we should be concentrating on going forward. Sen. Obama delivered his well-rehearsed four talking points regarding what he and his congressional allies expect to be in any bailout agreement, but failed to adequately explain how we got here (other than "George Bush's eight years of failed policies". yawn.), or give any reassurance about such a bailout's effectiveness, or how and what his administration would do to make sure it wouldn't happen again. His answer fell flat. 

Sen. McCain, with a clear opening to hammer congressional and regulatory oversight, Fannie & Freddie as deeply flawed and corrupt financial institutions doomed to failure, and the asserting of power by the US Treasury Secretary in the takeovers of failing Wall Street firms as constitutionally disturbing, failed to deliver. It was a wide open opportunity to reclaim the mantel of economic and fiscal responsibility, by clearly outlining conservative economic principles, and the risks that improper government interference in the marketplace pose to the stability of the economy. It was an opportunity to put some real distance between himself and the current administration on economic policy, by strongly criticizing the bailout plan, siding with Senators Shelby and DeMint, and reinforcing the conservative ideals of limited government. All we got was a brief mention of his sounding the alarm about Fannie & Freddie a couple years ago, and clarification of his call for the resignation of the SEC chair as a call for accountability. Not bad points, but not seizing the opening he was given. 

The entire arc of this campaign could change drastically, if one of these two candidates could get a firm grasp on the issues at stake, and take a clear and concise leadership position with regard to the current financial situation. The American people would be thrilled to see that someone really "gets it". Being a free-market, limited government conservative, John McCain should have a serious advantage over his rival in this arena. It's a clear opportunity for him to distance himself from the Bush administration, and their questionable bailout plan, especially while his rival and the Democrat Party, it seems at this point, are only too willing to align themselves with it. 

Yes, this debate might be recorded as a "win" in McCain's column, but a win in November is the real goal; and he can't afford to not seize on such glaring opportunities if he hopes to turn this race strongly in his favor, and tally the big win.