So what should be happening? At this point, John McCain needs to do something proactive. Figure out what kind of plan would pass with Republican support, and then champion it. Come out and explain to the American people why action is needed. Create consensus. But do something. Show you're a leader.
This may be one of McCain's best opportunities (and, hopefully, not his last) to show what leadership means. Barack isn't going to do anything, first and foremost, because he doesn't know what to do -- and secondly, because (sad to state) a crisis atmosphere and the ability to blame Republicans works to his advantage. John McCain must show up Barack's hesitation and holding-back for the politicking and the weakness that it is.
McCain has demonstrated the capacity for bold action in the past. He needs it now, because doing nothing, waiting for the crisis to deepen (as it almost certainly will) and time to run out, is a recipe for defeat. The outcome of the election, and the long-term health of our economy, may well be hanging in the balance.