So Hank Paulson, who did such a good job destroying the economy, is now making money from selling the story of how they saved it. Whatever.
But there's one true fun part in his new book: The story behind the emergency meeting at the WH last September. It's just another proof to the imbecility that 47% of the American people were actually ready to put in charge of this country.
We all remember McCain "suspending" his campaign, and lying to Letterman. That's the point were the relevant chapter in the book, "When Mr. McCain Came to Washington" begins:
McCain wanted a meeting at the White House, and the president felt he had no choice but to accommodate him.
I called Obama right away. He said that he would try to be as constructive as possible but that the Democrats were doing their part and I had better keep in touch with McCain. The president was scheduled to give a major speech that evening making the case for TARP, but news of McCain's decision to suspend his campaign dominated the rest of the afternoon.
We'd devised TARP to save the financial system. Now it had become all about politics—presidential politics. I wondered what McCain could have been thinking. Calling a meeting like this when we didn't have a deal was playing with dynamite
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So, there was a meeting. Attending: President Cheney, VP Bush, both presidential candidates and congressional leaders from both parties. The subject: How to prevent a complete collapse of the financial system. The plan: No one knew for sure. Even the stupid WH knew this was going to be a political disaster:
The president asked me to speak, and I once again described the dire conditions in the market and the need for emergency powers. When I finished, the president said he had a simple test for making a decision on this: "If Hank Paulson and Ben Bernanke say it's going to work and help stabilize the financial system, we are for it."
By protocol, the president turned to call on the speaker of the House. And when Nancy Pelosi spoke, it was clear the Democrats had done their homework and had planned a skillful response for McCain...
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Not surprisingly, Paulson was impressed with Obama:
...Ms. Pelosi said that Obama would represent the Democrats. Then Obama sketched the broad outlines of the problem and stressed the need for immediate action. He said the Democrats had been working closely with me; Obama ran through the rough terms of the morning's discussion on the Hill, then mentioned the need for adjustments on oversight and executive compensation, as well as help for homeowners. He spoke without notes—much less a teleprompter—and spoke eloquently. "The Democrats will deliver the votes," he asserted.
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And this is when it got really fun:
Now Obama and the Democrats were skillfully setting up the story line that McCain's intervention had polarized the situation and that Republicans were walking away from an agreement. It was brilliant political theater that was about to degenerate into farce. Skipping protocol, the president turned to McCain to offer him a chance to respond: "I think it's fair that I give you the chance to speak next."
But McCain demurred. "I'll wait my turn," he said. It was an incredible moment, in every sense. This was supposed to be McCain's meeting—he'd called it, not the president, who had simply accommodated the Republican candidate's wishes. Now it looked as if McCain had no plan at all—his idea had been to suspend his campaign and summon us all to this meeting. It was not a strategy, it was a political gambit, and the Democrats had matched it with one of their own...
...Finally, raising his voice over the din, Obama said loudly, "I'd like to hear what Senator McCain has to say, since we haven't heard from him yet."
The room went silent and all eyes shifted to McCain, who sat quietly in his chair, holding a single note card. He glanced at it quickly and proceeded to make a few general points...As he spoke, I could see Obama chuckling... McCain's comments were anticlimactic, to say the least. His return to Washington was impulsive and risky, and I don't think he had a plan in mind...
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And the big climax:
...It got so ridiculous that Vice President Cheney started laughing. Frankly, I'd never seen anything like it before in politics or business—or in my fraternity days at Dartmouth, for that matter.
Finally, the president just stood up and said: "Well, I've clearly lost control of this meeting. It's over."
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The whole thing is worth reading and i'll say only this: Between McCain' card and Palin Hand-Prompter, at a very irrational level, i almost regret that they didn't win. This could have been something to tell the grandchildren. :)