John McCain "declined to take a stand"

On the single most important issue of our time, scuttling the agreement that would have bailed out our markets. From the New York Times:

But once the doors closed, the smooth-talking House Republican leader, John A. Boehner of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies.

Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand.

As WaMu collapses, and Wall Street burns, McCain sat silent at one end of a long table. Also from the Times:

The meeting opened with Mr. Paulson, the chief architect of the bailout plan, “giving a status report on the condition of the market,” Tony Fratto, Mr. Bush’s deputy press secretary, said. Mr. Fratto said Mr. Paulson warned in particular of the tightening of credit markets overnight, adding, “that is something very much on his mind.”

Mr. McCain was at one end of the long conference table, Mr. Obama at the other, with the president and senior Congressional leaders between them. Participants said Mr. Obama peppered Mr. Paulson with questions, while Mr. McCain said little. Outside the West Wing, a huge crowd of reporters gathered in the driveway, anxiously awaiting an appearance by either presidential candidate, with expectations running high.

This was McCain's meeting. He wanted it. And what did he do with it? He sat silently, refusing to signal his intentions, and in so doing let the deal collapse. Not all the blame belongs with the McCain, but when Jim Boehner raised his objections to the only plan that anyone in the room had seen -- a bipartisan effort, McCain was the only one in the room who could have turned the situation around. A time to lead and he "declined to take a stand."