The first debate--credit crunch

I like the idea of skipping opening statements. They are just packaged, canned statements and I'd rather hear questions.

First question on the bailout plan. Obama makes a good point regarding the need for oversight. Also takes aim a Republican deregulation and ties McCain to it. McCain goes for a cheap emotional shot by pointing out that Ted Kennedy is in the hospital. He then praises the bi-partisanship of the negotiations. Interesting that he doesn't mention the obstructionism of the House Republicans.

Obama stays on message in Lehrer's follow-up (follow-up questions being another improvement in the debate format). McCain talks about accountability with a reference to Eisenhower and D-Day--talks about the rewarding of corruption and greed. Obama's riposte hits McCain on his "fundamentals" statement.

Points to Lehrer for trying to get Obama to speak directly to McCain and vice-versa. They don't seem to be biting.

Second question re Presidential policies. McCain talks about cutting spending and mentions earmarks--takes a good shot at Obama re earmarks he's taken. Promises to veto spending bills.
Obama points out that earmarks only account for $18 billion, which are dwarfed by the Bush tax cuts that McCain would extend. OMB figures mention $16.5 billion in 2008. McCain doesn't really cover what he would cut beyond the earmark money.

The dispute centers on tax proposals. McCain doesn't answer Obama's point regarding how the former's statement on business taxes didn't cover the many loopholes that corporations have or how McCain's tax credit for health insurance if offset by removing deductibility for employers' health insurance premiums.