Analysis: With bailout, McCain reaches dead end

Reports on the damage the failed bailout bill has done to John McCain's campaign:

Republican John McCain has maneuvered himself into a political dead end and has five weeks to find his way out.

Last Wednesday, McCain suspended his presidential campaign to insert himself into a $700 billion effort to rescue America's crumbling financial structure. In so doing, he tied himself far more tightly to the bill than did his Democratic opponent, Barack Obama.


Barack Obama's campaign released a statement on next steps for the bailout package (below is an excerpt)

"Yesterday, within the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.


"While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families...

"One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.

"The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government."