A spokesman for Hypo Real Estate said a consortium of banks refused to provide the $50 billion required by a government-sponsored rescue plan, the BBC reported.

The market response will not be favorable to HRE and covering positions will push down the markets, even a dead cat bounce being dangerous to buy into.

By trying to discuss ad-hominen attacks at this point, with the curtain of reality as a backdrop, will make McCain seem unconnected to reality.

It is as if the one weakness that McCain admits is the most important issue.  I expect the damages from Euro failures to cross the atlantic, and I expect that the candidate who can speak to these issues to win the debate.

The bailout/rescue plan did not usher in a new stage of the campaign, but instead seems to have been a missed opportunity by the GOP to refine a message.

I can only attribute this mistake as a genuine weakness within the GOP and McCain camp.

But events will dicate the issues, and the Euro failure to craft a bailout pretty much leaves little for market faundamentals to move forward.

McCain is showing up at an economic's debate with name calling, I think the public will not like it.