John McCain's comment on a 'strong' economy sets up the day's debate

With tremors continuing to shake Wall Street, John McCain began his campaign day standing by his guns, saying this to a crowd in Jacksonville, Fla.: "Our economy, I think, still, the fundamentals of our economy are strong."

From a purely political standpoint, the week could not have started any better for Democratic strategists.

To be sure, McCain -- in his very next sentence in Jacksonville -- added that he recognized that "these are very, very difficult" times.

And at a second Florida event, in Orlando, he tweaked his comments, saying his confidence in the economy's "fundamentals" referred to the productivity, innovation and skills of the American worker. He also said, "The top of our economy is broken" -- something he promised to fix.

But McCain's initial reprise of a line he uttered earlier this summer (see below) obviously gave Democrats a chance to focus the presidential campaign away from the low-bore squabbles of last week (lipstick on pigs, anyone?) and back onto what they see as a stark divide between the two presidential candidates.

Barack Obama's running mate, Joe Biden, wasted no time seeking to do that. Campaigning in crucial Michigan, he told his audience: "I could walk from here to Lansing and I wouldn't run into a single person who thought the economy was doing well. Unless I ran into John McCain."

That's not quite what McCain has been saying, of course, but his reiteration of his "fundamentals" line gave Democrats an opening they are going to try to drive a tank through.

-- Don Frederick

[Update: Obama just took his expected whack at McCain during a rally in Grand Junction, Colo. Rhetorically, he asked his audience why "today, of all days" McCain would make his comment about the economy's fundamentals. "Sen. McCain, what economy are you talking about?" he said.]

Comments

[Doug D]

Open letter to John McCain on the Economy: Here's the shovel...Keep digging.

[gmcc]

Both candidates are right. The fundamentals of the economy are strong. However, that doesn't mean that people are not hurting. It is the fault of this administration that Wall St is crumbling. Since we have a economy based on fossil fuels, energy independence is key to turning the economy back on it feet and moving forward. We must lower energy prices to improve the middle-classes' economic situation. Whom ever can prove to me they can do that will earn my vote.

[Stephen O'Harrow]

Over this past weekend, as the financial excrement impacted the reality ventilator, iconic giants of our economy began to crumble : Lehman Brothers is in bankruptcy, Merrill-Lynch is being bailed out at a fire-sale price by Bank of America, and America's largest insurer, AIG, is steaming towards the reef to scuttle itself in the relative safety of shallow water. All this follows on the heels of the federal bailout of the two fundamental pillars of our entire domestic real-estate market, "Fanny & Freddie."

Why is this happening? Because the American economy is basically distorted, deeply and structurally flawed. Our most prevalent economic activities, flipping hamburgers, trading pieces of paper on Wall Street, and suing each other, cannot form the basis of enduring prosperity. An essential fact is: a manufacturing economy can continue to operate with a reduced service economy, but the service economy, because it is essentially derivative, is meaningless on its own. Meanwhile, the US real estate sector has turned, with plenty of help from our Wild West investment industry, into a giant Ponzi scheme. 

Several decades of so-called "conservative" [actually very radical] deregulation, chiefly at the hands of the Republican party [with, sadly, help from main-chance artists in the Democratic party in the late 1990s], have led us to this pass. The NeoLiberal hubris that lies deep within the conceits of the total free-marketers is actually the same as the overweening self-confidence with which the NeoConservatives have bludgeoned America's role on the international stage. 

Now, rhetorical flourishes aside, more of the same: laissez-faire deregulation, lowering taxes on the super-rich, and "the fundamentals of the nation's economy are strong" is what John McCain is offering as "Change." The Republicans want us to believe in economic alchemy, but their smoke and mirrors effort to somehow remake the GOP into its own antithesis, an agent for change, is nothing more than a desperate attempt to hold onto the power they have had for several decades to enrich the few at the expense of the many. 

Let us hope the voters in November simply see Republican economics for what they are: a huge lie.

[blip]

If people vote for McCain, don't cry when your quality of life continues to go down the toilet.

Even Alan Greenspan doesn't think McCain's tax plan is reasonable.

[Liah]

Is unbelievable!

If McCain is ignorant about our economy, how the hell he thinks he can fix Wall Street ?

He is really a BAD CHOICE for president besides, his mind is always in WAR MODE.

We are paying very hard for all the latest wars, do we want more wars ?

[Sal]

It is possible that McCain eats "fundamenta" for lunch but certainly the rest of us can't. We need money from jobs to eat and pay bills. He's trying to convince people that they're wrong about their life. Things are good but "people" are blind so they can't see eye to eye with him.
"No, but no thanks", John McCain.

[eric]

It has been on record that McCain admits that he doesn't know enough about economics. Sarah Palin didn't know what the VP does a few months ago. Alan Greenspan came out last week saying that McCains economic plan needs to be revised because ti will not work. Yet the McCain keep saying that Obama will raise taxes even though it's been proven that he will lower taxes for the majority of American.

It is clear that the McCain/Palin campaign are trying to divert our attention or distract us from important issues such a the economy, the war, and health care and focus on silly issues like the lipstick on the pig and repeat lies and half truths because they are not as well prepared and educated in other important issues; and the sad part is that the media is buying into this. It's just like another Maury Pavich show.

[Check into It]

The American economy is a strong one, and that is what was being said, while these are some hard times due to the changes under Alan Greenspan to make housing prices skyrocket and to make interest only loans and rising interest rates.

Look at each parties plans for the economy, look at their voting history, check into the details of the tax plan for Obama and compare that to McCain. Everyone will be paying much higher taxes under Obama, how can the economy recover or thrive in that kind of plan?

Go to your favorite news site or snopes and look into these things America, make plans not based on party, but on what makes you safe, your job safe and your family safe.

How anyone can listen to any politican about money is hillarious - especially Obama who's home is owned by Tony Rezko, check on that one he only owns a parcel of land adjacent to the house.

[FlaLady]

When I listened to John McCain this morning at the rally, I thought to myself: how long will it take for some liberal jerk to twist these words around? I guess the answer is: not long at all.

[Eddie Zalez]

McCain keeps saying the economy fundamentals are strong, he is such a liar by trying to cover for the dismal Bush's economic policies. Too bad he and those smart bandits who allowed the looting of the failed companies cannot go to trail and then serve time. McCain and Bush's group should be considered white collar criminals. McCain sure kept saying the same years ago during the debacle of the savings banks he was part of it. Short memory serves him right. The media should remind him of his comments.

[Larry Clifton]

McCain is right. When we cycle through this mortgage mess, we will become stronger than ever before. One reason that I don't vote for Democrats is that their leaders always trash this country first but never do much of anything save raise taxes. They are gloomy and don't believe in much anything other than enjoying power. I have studied the Pelosi/Reid congress, and these folks are depressing. What do thay stand for? What do they stand against, other than Republicans?
We the people need to be very careful in this election. After just two years of Democrat control of congress, the country is in turmoil. nd what did Pelosi do while the run on banking occurred? She was vacationing on her private palace. I'm over them! This is no time to vote politically correct, It is time to vote correct.
NMcCain/Palin

[G in Virginia]

McCain's cavalier attitude toward the economy reminds me of Hoover telling the public in early October 1929 that the foundations of the economy were strong. He refused to believe we were in a crisis until it was too late. But this *is* a crisis, people. I don't know about you, but everyday my 401K savings get smaller and smaller. I am hoping I will have enough money to retire, but am not so sure anymore. In dire times like these, we need Democrats -- not Republicans with their hocus-pocus trickle down economic theories -- in office. Unless you are already comfortably rich, voting for McCain will prove to be a big mistake. I can guarantee it.

[Smith]

WHAT? Is John McCain nuts?

[Jim H]

This is a very scary kind of "out of touch".
Over the next couple of decades as the full cost of SS, Medicare, and the Rx drug program sink in, this country will be in a world of financial hurt. Anyone who is runnimg for high office needs to be fully aware of this.

[Matooso Ferrera]

There is an exciting new column on Barack Obama and voter fraud that all should read:
http://www.examiner.com/x-852-Atlanta-Civics-Examiner

[germanguy]

McCain first says that our economy is 'strong'. Next he says our economy is 'strong, but weak at the top'.

Is he next going to concede that the economy is 'strong, except for the very, very, very top of it'?

John, your running out of economy here!

[Boris Khazanov]

It may be a high time for Mr. McCain to take a position of Ambassador to Belorussia.
With a huge trade, budget deficit, dangerously low savings and very heavy level of personal debt - even excluding mortgages, auto industry sinking - where are these fundamentals which are good?

[Boris Khazanov]

It may be a high time for Mr. McCain to take a position of Ambassador to Belorussia.
With a huge trade, budget deficit, dangerously low savings and very heavy level of personal debt - even excluding mortgages, auto industry sinking - where are these fundamentals which are good?

[Terry Bowers]

If my wife was Cindy McCain I would probably not feel the crunch of the economy collasping. If my father was George Walker Bush I probably would not know that things were amiss - maybe start missing meals would not be an issue.

The next thing to focus on - if my wife was Barbara Bush with her family fortune, I could be out to lunch and have no worries - and probably go to a grocery store for the first time in my life and state
"What recession ??."

We can not stay with these rich out of touch leaders , who make enough money from a conversation at the golf course to equal a worker's year long wages..

Please stop promoting our of touch people as agents of change - We are full of liars and thieves without going farther into the ditch.

Let us listen to Warren Buffet about who he has confidence in ........GW has shown that Republicans are not leaders - especially the ones with the bullring through their nose from the Financial kingpins and lobbyists.

God Speed to us all.

Terry

[Lee Hunter]

Unless I woke up wealthy this morning, McCain needs a shrink or he just does not understanding what is going on around him. I like this guy, but he is disconnected from reality because he is wealthy.

[Emma]

The is still the best capitalist economy and the most powerful. Hard times do come and so does prosperous times.

Quit whinning!

[Nobody]

When are people going to wakeup and realize that john McCain is going to destroy this economy even more.
Most Palin supporters dont realize that she will have no influence on McCain's economic plan. Palin and McCain have no experice or education in economics either.

[Rick]

McCain is much like George H. W. Bush was during his presidency... that is he has no idea what the average American is facing each day.

I'm not sure Barack Obama is the right guy, but I'm certain that John McCain is the wrong guy at the wrong time.

peace,

Rick

[RAY]

Mc same is sufferring from demencia.He forgot that he is talking on his campaign.He thought he is in a family meeting and talking about THEIR family economy is fundamentally sound for he got lots of houses and a very rich wife.HEY YOU,ORGANISM OF BUSH,I JUST LOST MY JOB LAST WEEK AND SOME OF MY CO-WORKERSII DONT KNOW HOW WE WILL SURVIVE THIS FUNDAMENTALLY SOUND ECONOMY THAT YOU ARE TALKING ABOUT WHERE YOU GOT US IN THE FIRST PLACE WITH YOUR 90% SUPPORT TO YOUR DADDY BUSH.YOU ARE REALLY OUT OF TOUCH

[gabe]

what he shouldsay is: "the economy looks great from where im standing. 7 million a year, I have nothing to complain about. so quit being a bunch of whiners. err i mean the top of the economy is broken and im going to fix it so it stays the same. "

cmon people do you really think that a man who is supported by all the same people who supported bush, same lobbyists, same ol washington hacks, same stance on the war, same stance on taxes, you really think he is going to change anything? if so i have a bridge in alaska to sell you.