MORNING READ

President Bush’s speech urging Americans to get on board with the $700 billion economic bailout plan has yet to fully persuade a key constituency, conservative bloggers. John McCain’s request for a debate delay is mocked by David Letterman, liberal bloggers eagerly note. But McCain’s gamble could pay off for him politically, according to his blogging backers.

Bush delivered his prime-time address well, but the substance doesn’t mesh with the reality that the markets are working and investors are figuring out a way to properly value those rotten mortgage-backed securities, writes RedState’s Pejman Yousefzadeh. Bush made the “socialist case for government intervention” and failed to place blame with those who deserved it, greedy lenders, writes Townhall’s Amanda Carpenter. But if conservatives are really willing to forgo the bailout, they need to be forthright about the serious economic pain that would ensue without it, writes The Corner’s Rich Lowry.

Letterman, miffed at McCain’s decision Wednesday to cancel his “Late Show” appearance, looked like his head was ready to explode when he saw McCain sat for an interview with Katie Couric, writes The Campaign Silo’s Jane Hamsher. Letterman slammed McCain’s decision to suspend his campaign, asking whether the Republican was doing it because his “poll numbers are sliding,” notes MyDD’s Todd Beeton. Though McCain said he wants to focus on the economy, he has rarely shown interest in that topic as a senator, writes TalkingPointsMemo’s Josh Marshall, who says McCain’s guilty of the biggest “dog ate my homework” excuse in history.

But McCain’s attempt to cancel the debate could work in his favor now that President Bush convinced Barack Obama to follow McCain to Washington, writes Lowry. While McCain displays leadership by emphasizing the most pressing issue, Obama looks like “wanna-be” who wants to “smile pretty” during the debate, writes Mike Gallagher at Townhall.

FROM THE BLOGS:
I’m Fed Up – Amanda Carpenter, Townhall.com
I’m Not Sold – Pejman Yousefzadeh, RedState
Should Be Willing to Take Pain – Rich Lowry, The Corner
McCain Blows of Letterman – J. Hamsher, The Campaign Silo
Biggest ‘Dog Ate My Homework’ in History – Josh Marshall, TPM
Worst Self-Inflicted Campaign Move Ever? – James Fallows
Debate Prep for Palin – kos, Daily Kos
McCain to Washington – Rich Lowry, The Corner
McCain, Leader; Obama, Wanna-Be – Mike Gallagher, Townhall.com
McCain ‘Suspends’ His Campaign – Paul Mirengoff, Power Line

OTHER NEWS SOURCES:
Bush Calls Bailout Vital to Economy – Washington Post
Obama and McCain Will Join Bailout Talks – Los Angeles Times
Selfless or Reckless? McCain Gambles on Voters’ Verdict – Wash. Post
Rangel Tries to Stay Steady Under Ethics Fire – The Hill