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How McCain Regains Momentum

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By WILLIAM KRISTOL Special To The New York Times

The Tampa Tribune

Published: September 30, 2008

John McCain is on course to lose the presidential election to Barack Obama. Can he turn it around, and surge to victory?

He has a chance. But only if he overrules those of his aides who are trapped by conventional wisdom, huddled in a defensive crouch and overcome by ideological timidity.

The conventional wisdom is that it was a mistake for McCain to come back to Washington last week to engage in the attempt to craft the financial rescue legislation, and that McCain has to move on to a new topic as quickly as possible. As one McCain adviser told The Washington Post, "you've got to get it the financial crisis over with and start having a normal campaign."

Wrong.

McCain's impetuous decision to go to Washington last week was right. The agreement announced early Sunday morning is better than Treasury secretary Henry Paulson's original proposal, and better than the deal the Democrats claimed was close on Thursday. Assuming the legislation passes soon, and assuming it reassures financial markets, McCain will be able to take some credit.

But the goal shouldn't be to return to "a normal campaign." For these aren't normal times.

We face a real financial crisis. Usually the candidate of the incumbent's party minimizes the severity of the nation's problems. McCain should break the mold and acknowledge, even emphasize the crisis. He can explain that dealing with it requires candor and leadership of the sort he's shown in his career. McCain can tell voters we're almost certainly in a recession, and things will likely get worse before they get better.

And McCain can note that the financial crisis isn't going to be solved by any one piece of legislation. There are serious economists, for example, who think we could be on the verge of a huge bank run. Congress may have to act to authorize the FDIC to provide far greater deposit insurance, and the secretary of the Treasury to protect money market funds. McCain can call for Congress to stand ready to pass such legislation. He can say more generally that in the tough times ahead, we'll need a tough president willing to make tough decisions.

With respect to his campaign, McCain needs to liberate his running mate from the former Bush aides brought in to handle her - aides who seem to have succeeded in importing to the Palin campaign the trademark defensive crouch of the Bush White House. McCain picked Sarah Palin in part because she's a talented politician and communicator. He needs to free her.

William Kristol is a columnist for The New York Times.

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