Puzzling through another McCain surprise

Rangel added, chortling sarcastically “Based on his experience with finances in the Senate, I think he can make a contribution. In the 26 years he has been here he’s been very close to the (financial services industry). Put the election on hold and let his ‘great work’ in the Senate speak for itself.”

Third-ranking House Republican Rep. Adam Putnam of Florida said moments after the McCain announcement that “as of now the Paulson proposal has not gotten the traction to complete this process by the end of the week.”

Putnam said it was important for House Speaker Nancy Pelosi and GOP Leader John Boehner to agree on a consensus plan “that can pass and pass quickly to restore confidence in the markets.”

So will McCain help do that? If so, how? None of that was clear.

Will McCain propose an alternative to the Paulson-Frank financial rescue bill?

And if so, how will he get not only Republicans in Congress but Democrats, who spent the afternoon mocking him, to back it?

Asked if he wanted McCain to be a part in the nitty-gritty negotiation between Congress and the Bush administration, Putnam indicated he didn’t think this was a good idea by remaining silent for 10 seconds.

Asked what specific role McCain could play in revising the Paulson/Frank plan, Putnam answered carefully, “The most productive role Sen. McCain and Sen. Obama could play would be for them to each acknowledge the need for a congressional intervention to avert a financial disaster. By doing so, they would detoxify this process and bless a bipartisan proposal moving forward by taking it out of the presidential politics mix.”

He added, “That would be the post-partisan, maverick statesman move that they need to make. They are each the senior statesmen of their parties. The two candidates — who will have to deal with whatever outcome Congress passes here — have a responsibility in this process.”

One reason that process has become “toxified” is that many Democrats don’t want to pass a Wall Street bailout bill, and rank-and-file House Republicans are balking at their leaders' call for them to rally around the plan.

And as Frank modifies the Paulson plan, it will grow ever more unacceptable to GOP conservatives.

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