Monday, September 15, 2008

McCain still claiming the economy is 'fundamentally strong.'

John McCain today at a rally in Florida-- that's right, TODAY, said that he feels that "the fundamentals of our economy are strong."

Today was the day after Lehman Brothers bank failed and went to bankruptcy court, Merrill Lynch failed and avoided bankruptcy court only because they were bought out by Bank of America (which is itself taking a risk, having recently also bought out mortgage giant Countrywide) and AIG appears headed to bankruptcy court unless something happens fast.

Today was the day when the DOW dropped five hundred points.

Today was the day I heard a report on National Public Radio that the International Monetary Fund will be conducting a stability assessment on the U.S. economy, something which normally happens to developing countries that are on an unsustainable economic course.

Just in the past five months the unemployment rate has spiked upward by a full percentage point.

Strong fundamentals?

I guess if you consider $5 million a year to be the threshhold of 'rich,' the fundamentals are strong. I guess if your plan for tax cuts, market based reform and resistance to regulation is indistinguishable from what President Bush has done for the past seven years, the fundamentals are strong.

For anyone besides John McCain the fundamentals are just plain wrong.

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