The Republican nominee is suspending his campaign because he can’t make a decision about the bailout.

John McCain may not know economics, but he certainly knows his game theory. After treading water for days on what to do about the $700 billion bailout package, he has suspended his campaign to head back to Washington. For added flair, he’s asked Obama to agree to suspend Friday’s debate on foreign policy. (Obama declined.) Politically, it’s yet another risky/savvy/WTF? move that forces Obama either to say McCain is overreacting to perhaps the biggest financial crisis ever, or to follow McCain’s leadership. John Nash would be so proud.

We didn’t get to this turning point by accident, though. McCain has been shifty about the bailout all week. He says legislation is necessary, and has offered five things he’d like to see included in the final bill—his $400,000 cap on executive pay has found distinctive traction. Yet when Harry Reid announced McCain was “going to come out” for the bailout, McCain’s press office shot back that McCain hadn’t made a decision yet.

Leading up to this week’s congressional debate, McCain—like Barack Obama—has more or less followed the Treasury Department’s lead regarding the neverending bailouts. In March, McCain favored the bailout of Bear Stearns. Earlier this month, he favored the bailout of Fannie Mae and Freddie Mac. Before Lehman crashed, he—along with Obama—encouraged the company to find a private solution. When it didn’t, he was pleased the Fed did not bail Lehman out. And when the Fed ponied up an $85 billion loan for AIG, McCain shifted from an initial opposition to hesitant support.

Now we come to find out that rather than make a decision on the mega-bailout himself, he’s going to try to help everybody else come to a decision. Presumably, McCain will need to make explicit his own thoughts, at some point, as well. Despite this call to action, McCain still hasn’t clarified what his bailout position will be.

Think of today’s drastic move as a Houdini act meant to unchain McCain from an issue that was destined to handcuff him. Approving a $700 billion expenditure of taxpayers’ money is a tough pitch to sell. The few polls on the issue have shown mixed signals, but it’s clear there isn’t an overwhelming consensus that the government should bailout Wall Street. McCain has strived to distance himself from President Bush’s free-spending administration, and stretching the deficit cap by $700 billion would feel like more of the same. In response to these pressures, Newt Gingrich implored McCain to oppose the bailout. But stopping a bailout could be even more disastrous if the credit markets seize and the economy goes limp between now and Election Day.

McCain’s hand was forced after two nasty news items broke this morning. A major national poll had turned against him, apparently pivoting on McCain’s economic blunders. Also, two news outlets broke the story that villainous Freddie Mac made payments to a firm owned by McCain’s campaign manager. When one of your closest aides is involved with a mortgage lender at the epicenter of the crisis, a change of course is a good idea. Presumably, the McCain campaign no longer felt that McCain could hang out with foreign diplomats in New York and had to return to Washington.