MCCAIN INEXPLICABLY BLAMES OBAMA FOR MARKET FALL…. I knew McCain was desperate, but I didn’t expect him to get this ridiculous. From McCain’s speech in New Mexico this afternoon:

“Even after [Obama] refused to lift a finger to prevent this crisis, when the crisis hit, he was missing in action. He didn’t start making calls to round up votes until after the rescue bill failed in the House and the markets crashed. We continue to see the price of delay today as the markets continue to fall. Today the Dow has fallen below 10,000. And yet, members of his own party said they felt no pressure to vote for the bill.”

Oh my. The markets suffered another steep decline today, and to hear the unhinged candidate tell it, the market drop is due to the delay in passing the bailout bill last week. That really is dumb.

It’s hard not to wonder if there’s something genuinely wrong with this guy. Does he not remember last week? It was a fairly big deal; one would like to think it would be fresh in his mind.

Before the initial House vote, Obama and McCain endorsed the bill. Democrats responded (most of them supported the package) and Republicans completely ignored McCain’s “leadership” (the GOP rejected the measure by a 2-to-1 margin). Based on McCain’s arguments today, the majority of the House Republican caucus is to blame for the latest market collapse.

What’s more, when the House approved the bailout package on Friday, it was Obama who was successfully lobbied House Dems to support the bill, while a majority of House Republicans continued to oppose the legislation, despite McCain “phoning in,” urging them to follow his lead.

The “price of delay” was today’s dramatic drop on Wall Street? So, if I’m following McCain’s logic, the reason investors lost billions today is that House Republicans blew off McCain’s financial advice.

Who’s coming up with these arguments? Did McCain hire clowns to write his speeches?

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Follow Steve on Twitter @stevebenen. Steve Benen is a producer at MSNBC's The Rachel Maddow Show. He was the principal contributor to the Washington Monthly's Political Animal blog from August 2008 until January 2012.