Dark Star

In a shrewd move, Senator McCain has just proposed delaying Friday’s first presidential debate–in order to convene a meeting with Obama, President Bush and other decision-makers from both parties to sort out the financial mess.

It makes McCain look engaged in solving the number one issue on the minds of Americans, right now. It gives him a bigger bully pulpit to fight the Christmas tree of legislation that is winding its way through Congress now (even student and car loans have been added to the bailout).

It minimizes the power of Rep. Barney Frank, who has rolled his Senate counterpart, Chris Dodd, and is leading the congressional effort. Rep. Frank is a key Obama ally.

It also presents a strategic problem for Obama. Until now, the Illinois freshman has been able to coast, saying he supports what Rep. Frank and other Democrats are doing. If Obama and McCain attend a White House summit, each will have to lay out detailed proposals for reform. Obama would have to lock himself in–and take criticism for his ties to Fannie and Freddie.

And if Obama refuses to attend the summit, he effectively announces that he is unready to lead in a crisis.