The Fundamentals Are Still Strong?
By Justin Gardner | Related entries in Economy, McCain, VideoWatch…
I wonder if A.I.G., Lehman, Merill Lynch and Washington Mutual agree with McCain?
Or, for that matter, do Bear Stearns, Freddie Mac and Fannie Mae?
And what does he mean when he says he’ll never let it happen again? Because once you know that Phil Gramm, his top economic advisor (until the “whiner” comments), played an instrumental role in easing restrictions on predatory lending practices that essentially ushered in the sub-prime fiasco…well, McCain’s words kind of ring hollow.
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September 15th, 2008 at 9:23 am
Phil Gramm as John McCain’s economic advisor was probably the moment the wheels came off for me. No one who has even a hint of a clue would have brought Gramm on.
Whatever good things one can say about McCain, and there are some good things, it’s been clear for a while that he’s a one trick pony (and if you don’t agree with him on foreign policy, that trick isn’t going to cut it anymore)
September 15th, 2008 at 10:37 am
What are the fundamentals? People seem to be able to pull out inflation etc to justify the idea that nothing is wrong and there is nothing to see here. The question is whether the independent investment banks drag down the rest of the economy.
September 15th, 2008 at 11:31 am
Seriously, what fundamentals is McCain talking about? Which fundamentals does he think are strong? I’m not just being snarky here, I’d seriously like to know.
Or maybe it’s like that quote from The Princess Bride, “You keep using that word. I do not think it means what you think it means.”
Perhaps to McCain, “the fundamentals” are some abstract notion about the resiliency, work ethic and ingenuity of the American people.
September 15th, 2008 at 12:16 pm
Lets be honest. Nobody knows what anybody means. All I know is that, for a supposed economic apocalypse worse than the Great Depression, the day to day life for myself and everyone else I know is still rather OK.
September 15th, 2008 at 12:42 pm
Well, everything is OK for Jimmy. Crisis over.
And that is what is ultimately wrong with the right. “Everything is ok for me so to heck with everyone else.”
September 15th, 2008 at 12:57 pm
I’m not so certain that everything is “OK”. This is just the beginning. It’s not like, although we have a nationally held mental image of such, the great depression happened overnight. It did take some time to come to light. The difference between this and other times in our history, is that we hold the largest percentage of individual debt than at any other time. So, hypothetic… The big mortgage companies hit their bump, the investment banks are hitting their bump, what happens should large number of people start to default on credit cards. People are losing their homes, their investments for retirement (often times, all they have for savings). We are not in the middle of this, we are only at the beginning. Now… I know a lot of people are going to say that I’m paranoid, and screaming the sky is falling, but the job market in america is a lot more frail now than it ever has been. Let me pose a question. You lose your job, you do your stint on unemployment, and find that it barely pays the bills, You have a choice… pay the credit cards (which, you’ve been using to live on), or make your house payment and or feed your family. It seems like an easy decision to me. How about you. Oh! and another success of the Republicans and Bush, it’s much harder for you to declare bankruptcy, especially, god forbid you’ve gotten sick and are up to your neck in bills from the medical industry.
September 15th, 2008 at 1:19 pm
poor gerryf – I be see-prised ya have the strength to pecker out a comment, what since the sup-kichun bin closed for almos’ a week now an’ yur newtre-ants is gett’in low. Po’ child, what ev’r will he do!
September 15th, 2008 at 1:52 pm
J.,
As you’re well aware I’ve asked you privately to keep it under control. And at that time you agreed and switched your identity form Dos Peros to J. Harden, which I appreciated. But since then you’re just regressing back to your alter ego and I’ve had it.
So now I’m telling you publicly that this latest comment is WAY over the line and I’m sure you’re well aware why. Basically, you’re a grown man and you have the ability to keep it under control. And if after three years of commenting here you’re unable to do that, then please go somewhere else.
September 15th, 2008 at 2:30 pm
NO, I DON’T UNDERSTAND WHY, JUSTIN? AT ALL. In fact, there is nothing offensive about that comment — unless of course, gerryF actually gets his food from a soup-kitchen — in which case I apologize PROFUSELY.
This election has made you go ABSOLUTELY insane Justin. You use to be normal, but other commentators are correct: You are obsessed and you’ve turned into the kind of hack that you allegedly distain.
Anyway, I’ll do you a favor and quit posting comments if you do me the favor of explaining why my comment was offensive, specifically, and then allowing me one response. Then I’m gone and gone for good brother. I promise. If you can’t do me that courtesy then that should tell everybody something.
September 15th, 2008 at 3:10 pm
It’s obvious that the Stepin Fetchit routine is what’s offensive. And I mean it’s so obvious it’s painful.
Also, you have absolutely NO idea if gerryf is African American or not. Regardless, I simply won’t stand for it on this site. If that makes me a hack in your eyes, well, so be it.
Listen, it’s not difficult to simply discuss the issues with people without all of the nonsense you throw around. So either leave that stuff out of it when you comment or leave the site. The choice is yours.