Obama To McCain: "Senator -- What Economy Are You Talking About?"
In a speech today in Colorado, Barack Obama is seizing on today's financial news -- and McCain's claim today that the "fundamentals of our economy are strong" -- to further paint McCain as out of touch and clueless about the economic realities facing many Americans.
After saying McCain doesn't comprehend the economic distress many are facing, Obama will say (according to advance excepts):
Why else would he say that we've made great progress economically under George Bush? Why else would he say that the economy isn't something he understands as well as he should? Why else would he say, today, of all days - just a few hours ago - that the fundamentals of the economy are still strong?Senator - what economy are you talking about?
What's more fundamental than the ability to find a job that pays the bills and can raise a family? What's more fundamental than knowing that your life savings is secure, and that you can retire with dignity? What's more fundamental than knowing that you'll have a roof over your head at the end of the day? What's more fundamental than that?
More excerpts after the jump.
This morning we woke up to some very serious and troubling news from Wall Street.The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.
Today offers more evidence that too many folks in Washington and on Wall Street weren't minding the store. For eight years, we've had policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans. The result is the most serious financial crisis since the Great Depression.
I certainly don't fault Senator McCain for these problems. But I do fault the economic philosophy he subscribes to. It's the same philosophy we've had for the last eight years - one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise; one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.
Well now, instead of prosperity trickling down, the pain has trickled up - from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.
This country can't afford another four years of this failed philosophy. For years, I have called for modernizing the rules of the road to suit a 21st century market - rules that would protect American investors and consumers. And I've called for policies that grow our economy and our middle-class together.
[...]
It's not that I think John McCain doesn't care what's going on in the lives of most Americans. I just think doesn't know. He doesn't get what's happening between the mountain in Sedona where he lives and the corridors of Washington where he works. Why else would he say that we've made great progress economically under George Bush? Why else would he say that the economy isn't something he understands as well as he should? Why else would he say, today, of all days - just a few hours ago - that the fundamentals of the economy are still strong?
Senator - what economy are you talking about?
What's more fundamental than the ability to find a job that pays the bills and can raise a family? What's more fundamental than knowing that your life savings is secure, and that you can retire with dignity? What's more fundamental than knowing that you'll have a roof over your head at the end of the day? What's more fundamental than that?
The fundamentals we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great - that promise that America is the place where you can make it if you try - a promise that is the only reason that we are standing here today.















Don't Mock Supply Side Jesus!
~
September 15, 2008 1:53 PM | Reply | Permalink
LOL! Reminds me of the Mr. Show skit with David Cross as the infomercial disciple. "Jesus, Jesus - what if I told you the meek could inherit a whole lot more than the earth!?"
September 15, 2008 1:58 PM | Reply | Permalink
He shoots! He scores! Yes!
September 15, 2008 1:56 PM | Reply | Permalink
Are you a hockey mom (or dad) in hiding? Just remember, don't let your kids grow up to be goalies!
September 15, 2008 2:10 PM | Reply | Permalink
goalies never grow up...
September 15, 2008 3:55 PM | Reply | Permalink
Really nice.
Hope it gets some airtime.
September 15, 2008 1:58 PM | Reply | Permalink
Combined with the attack on the way they've run their campaign, I do believe Barack is calling out John.
September 15, 2008 2:02 PM | Reply | Permalink
Over substantial issues! Imagine that.
September 15, 2008 3:02 PM | Reply | Permalink
Having just biked over to our city hall (Go Green!) and through the "downtown" of our little city, I can tell you that in this relatively prosperous area, commercial storefront after storefront is empty, and windows have "for lease" signs. That means little business have died. And people are without jobs. And some shopping areas look like ghost-towns. And that's just one little city.
mcSham is fundamentally wrong!
September 15, 2008 2:22 PM | Reply | Permalink
Our department secretary has just taken on a second job. Never had to before.
The fundamentals are sound, my ass.
As Obama said (about McCain and Pain cleaning up Washington) "if you believe that, I've got a bridge in Alaska to sell you".
September 15, 2008 2:28 PM | Reply | Permalink
Hmmmm ..... for some reason an answer is floating into my consciousness... thanks.. but no thanks .... Please, dear god, let reason prevail!
September 15, 2008 2:39 PM | Reply | Permalink
Why even say this?
Stop being nice. Fault him and like it. FAULT HIM!
September 15, 2008 2:34 PM | Reply | Permalink
It allows him to call McCain's campaign sleazy etc.
September 15, 2008 2:43 PM | Reply | Permalink
Exactly, why say it? Obama would not be sleazy to say that as one of the most vocal champions of Bush's economic policies (tax cuts for the super rich; corporations which ship jobs overseas; deregulation which harms consumers and businesses; a ballooning deficit; crippling inflation; etc.) McCain IS responsible for the current crisis. He's not just out of touch, he's responsible. He broke it and we can't trust him and Sarah Palin to fix it.
September 15, 2008 3:38 PM | Reply | Permalink
He could at least fault Phil "American whiners" Gramm, de facto instigator of the banking deregulation that precipitated the financial market meltdown and McCain's top economic advisor and likely cabinet appointee.
September 15, 2008 4:22 PM | Reply | Permalink
I like it, but hey, I'm not the group that seems to like Palin without knowing anything about her except what her promoters say. Seems to me that Obama has to target that audience without targetting Palin.
September 15, 2008 2:01 PM | Reply | Permalink
...I think my heart just skipped a beat. I mean, wow. If that line gets repeated, it could have a devastating effect on McCain.
September 15, 2008 2:02 PM | Reply | Permalink
The "what's more fundamental?" part is really good.
But stop saying "it's not that he doesn't care." Because that's exactly what it is.
http://strategy08.wordpress.com
September 15, 2008 2:03 PM | Reply | Permalink
I disagree. The "fundamental" there comes off as a play on words. Fortunately mortgage lending, financial institution credit stability and employment actually are considered economic fundamentals so it is not inaccurate (contrast it with John McCain's feigned indignancy at how Obama apparently attacked the American Worker(tm) who are naturally the foundations McCain meant..)
Furthermore, I expect most people will have a reaction similar to yours so
They should be more careful, though.
September 15, 2008 2:13 PM | Reply | Permalink
Sure it is a play but can you deny the emotional appeal of it
September 15, 2008 2:48 PM | Reply | Permalink
I think the McSame cares but just doesn't get it meme works fine. Check out my explanation in this comment posted a few threads back re Joe Biden.
It probably works a bit better for Joe than Obama, but there's something to be gained from both hitters dishing the same message.
September 15, 2008 2:21 PM | Reply | Permalink
I agree, Jay-Z. I don't understand why people are so politically tone deaf around here. The difference in impact between "Candidate A says Candidate B doesn't care" and "Candidate B doesn't understand because he is out of touch" is the Grand Canyon, lengthwise. One is an attack that sounds like politics as usual and would get reported as such. The focus would be on Obama's speech itself. [Ooooh. The claws came out at an Obama townhall today. Details at 11...] The other line of attack ends in a cul-de-sac in John McCain's neighborhood. His "vision" (or lack thereof), his viewpoints, his policies. The first is "he said, he said". The second forces an examination of McCain and an examination of how, exactly, McCain's policies differ from Phil Gramm's or from the Bush-Cheney policies of the last 8 years. On which ground would you rather contest an election?
September 15, 2008 4:31 PM | Reply | Permalink
Bill Clinton also criticized the supply side economic philosophy in 1992 to great effect. I can't help but think he mentioned this to Obama in their recent meeting.
September 15, 2008 2:03 PM | Reply | Permalink
Now is the time to Bill out there campaigning. One of his greatest strengths is to talk about these kinds of issues in a way that is compelling.
September 15, 2008 2:07 PM | Reply | Permalink
Miss Maybelline to the ER
STAT
September 15, 2008 2:04 PM | Reply | Permalink
FINALLY. This should be on the air nationally tomorrow and the next day and the day after that and the day after that . . . .
September 15, 2008 2:06 PM | Reply | Permalink
What are you talking about, "finally"? It's been like a few hours.
September 15, 2008 2:13 PM | Reply | Permalink
Anti-Obama smear push-polling has begun in Florida - http://nobloodforhubris.blogspot.com/2008/09/roveian-push-poll-targets-fl-voter-to.html
September 15, 2008 2:07 PM | Reply | Permalink
Same message as from Joe Biden. McSame's not evil. He's just out-of-touch. He doesn't get it.
September 15, 2008 2:08 PM | Reply | Permalink
There's another reason, I think, why they're doing it. I just read this article on time.com about Steve Schmidt's use of outrage to distract. He might jump on anything that looks like it was attacking McCain personally. http://www.time.com/time/politics/article/0,8599,1841131,00.html?cnn=yes
September 15, 2008 4:04 PM | Reply | Permalink
And if anyone catches this on TV, could you pass along the crowd reaction to this, please?
September 15, 2008 2:08 PM | Reply | Permalink
He has to be the aggressor from now on. He can't let McCain dominate the debate again for the next 7 weeks. McCain's cluelessness about the terrible economy is the club Obama must bludgeon him with from now until Election Day. He can be respectful - but merciless.
September 15, 2008 2:08 PM | Reply | Permalink
I would like to see Palin try to articulate her view on this: "When it comes to bankruptcy protection, Lehman Brothers should just say thanks, but no thanks."
September 15, 2008 2:12 PM | Reply | Permalink
Don't you know, The Lehman Brothers have been a burden on taxpayers for too long.
I really want Palin to hop in an economic debate. That would be entertaining.
I truly wonder if McCain and Palin could pass Econ101 at the local community college. Hell, he was 894 out of 899 those PE classes saved him. She transferred around so much no one knew which classes she had studied. She went to colleges in Idaho and Hawaii I had never heard of and I went to school in Idaho and lived in Hawaii. What a bunch of flunkies.
We should really compare educations:
Obama: Bachelors from Columbia via Occidental College, JD from Harvard
Biden: Bachelors from University of Delaware, JD from Syracuse.
McCain: USNA.
Palin: Bachelors in Journalism from University of Idaho via Hawaii Pacific via Matanuska-Sustina College via North Idaho College.
Education is clearly not with McCain/Palin and it shows with these statements.
September 15, 2008 2:23 PM | Reply | Permalink
You damned elitist. Don't you know that Ivy League degrees and law degrees are a bad thing? Don't you know that parents today are NOT supposed to dream about their kids getting ascholarship to one of our nation's more prestigious schools? Better they drop out of school at 16 and get a job at the local convenience store. Even better - have a kid at 17!
September 15, 2008 2:43 PM | Reply | Permalink
I guess I'll be damned! Besides, at those places all they teach is a bunch of liberal communist BS.
Notice how upper levels of education, science, and truthful media is now being labeled as elitist? Stuff that is hard for people to learn or against what they preach is elitist, right or wrong. How caring and compassionate they are!
Apparently elitist means being able to think independently and being able to come to a conclusion on your own.
September 15, 2008 3:19 PM | Reply | Permalink
More like "Oh no! I buy all my suits from Lehman Brothers"
September 15, 2008 5:29 PM | Reply | Permalink
Gloves, off. Punch, landed.
The great thing about Obama hitting him on this is that McCain has made the mistake numerous times. He can't spin away from it.
Stay down, Old Man! Stay down!!! Heh.
September 15, 2008 2:09 PM | Reply | Permalink
The spin has started... according to McCain:
September 15, 2008 2:27 PM | Reply | Permalink
A McCain adviser wrote this YESTERDAY:
http://www.washingtonpost.com/wp-dy...8091202415.html
"A Nation Of Exaggerators - Quit Doling Out That Bad Economy Line"
-------------
Worse timing ever!
Obama needs to put on a pair of brass knuckles and pound McCain on this. This is a legit issue that exposes McCain for the economic kind gardener that he is…
September 15, 2008 2:09 PM | Reply | Permalink
Obama will win this election on the issues. Palin-McCain are too stupid to see out country's dim outlook.
September 15, 2008 2:09 PM | Reply | Permalink
That should be kindergartener
September 15, 2008 2:11 PM | Reply | Permalink
one of the McCain team's spin on his statement: fundamentals of our economy are strong--what he means is that the small businesses are strong, that the work ethic of American workers is strong, that our innovation is strong...the American workers are not to blame for this crisis.
--ummm...who's blaming the American workforce? Somehow, they are going to try to say Obama doesn't believe in the American worker?
The McCain team really likes to play the "pay no attention to the man behind the curtain" ploy. No, Mr. McCain, misdirection won't work this time.
September 15, 2008 2:13 PM | Reply | Permalink
It's a pathetic attempt to set up a "to attack the economy is to attack the workers" trope, much like the right has done with the war and the troops. The latter proved somewhat effective for a while, as it's more abstract than pocketbook issues. It won't work.
September 15, 2008 2:20 PM | Reply | Permalink
Tell that to all the local small business that seem to have closed up shop in the "downtown" of our little city. Tell that to the people trying to lease those empty shops. Tell that to the employees who no longer work in them!
September 15, 2008 2:28 PM | Reply | Permalink
That's exactly the right response.
September 15, 2008 2:29 PM | Reply | Permalink
Well, this looks much more like the "first day of the rest of the campaign" than all the other "morally unfit" crap.
If Obama can keep hammering at this and put this in play, he can get back in the polls in less than a week.
September 15, 2008 2:14 PM | Reply | Permalink
lalo...we could not care less what you think about anything involving this election and your opinions about Obama!
You are a troll from nowhere and we say to you..thanks but no thanks!
September 15, 2008 2:26 PM | Reply | Permalink
You promised to stop posting liar.
Still hurts doesn't it.
September 15, 2008 4:39 PM | Reply | Permalink
I'll reiterate an old Wall Street cautionary adage I posted a day or two ago: A lot of people have lost a lot of money by being right too soon.
Seems like BigO's timing is pretty good.
September 15, 2008 2:30 PM | Reply | Permalink
I'd say he got a gift and he'd be a fool not to milk it to the last drop.
September 15, 2008 2:34 PM | Reply | Permalink
I'd say you are both right. Lalo, I agree, this is bread and butter. He needs to milk it and .... (too many food analogies). Just hit him on this.
September 15, 2008 2:36 PM | Reply | Permalink
You're right, for once.
And stop trespassing on other's avatars!
September 15, 2008 2:57 PM | Reply | Permalink
I'm always right, dear.
I'm also often tragically misunderstood, stalked and ostrasized. That's the price of greatness, you know.
September 15, 2008 3:08 PM | Reply | Permalink
you was WRONG about this
you said it would take Obama a week to get back in the polls
it took less than 4 hours
so you was only off by 164 hours
September 15, 2008 3:38 PM | Reply | Permalink
I know, sigh, I know.
September 15, 2008 4:40 PM | Reply | Permalink
less than a DAY
mcsame is losing Virginia
get out your little electoral calculator and try and figure out how mcsame wins the Whitehouse without Virginia
game
set
match
September 15, 2008 3:34 PM | Reply | Permalink
McCain poached "Enough is enough!" in his speech earlier this morning.
September 15, 2008 2:20 PM | Reply | Permalink
Next he's going to say "I'm Barack Obama and I approve this message" at the end of his la-la land commercials.
September 15, 2008 2:29 PM | Reply | Permalink
What we face today is the result of over 20 years of GOP deregulation madness. After the great depression we put in play all kinds of regulations meant to stop what is happening now. But Republicans, and the lobbyists that got them elected, fought for years to have those regulations thrown out.
The Enron debacle and the mortgage/credit crisis and some even say the popping of the tech bubble can all be traced back to deregulation. Further, deregulation can be traced back to the people running McCain's campaign, especially Phil Gram.
Of course Obama would have a hard time making that case because a lot of this happened during the Clinton administration and because explaining it is not easy and doesn't fit into sound bites easily digestible by low info voters.
September 15, 2008 2:32 PM | Reply | Permalink
Phil Gramm, McCain's financial adviser, is the architect of the current financial crisis. Check out this passage from an article by Ed Lake of the Star-Telegram in Fort Worth, Texas:
Lay, DeLay, Gramm, Gramm & Clinton
"The late, infamous Enron head, Ken Lay, realized in the eighties that he could make more money bidding up energy in the futures market than by actually creating and selling energy. But, under then-current rules, how much you could make swapping paper was limited. Fortuitously, Lay had excellent Texas political connections; and in November of 1992, the head of the Commodities Futures Trading Commission moved to exempt energy-derivative contracts and related swaps from any government oversight.
A vote was hurriedly put together before the Clinton White House would take over, and so Lay could finally start "dark" – unregulated – futures trading. The head of the CFTC was Wendy Gramm, wife of Texas Senator Phil Gramm; five weeks after she left, she became a board member of Enron in Houston.
Fast-forward to late 2000 and H.R. 5660, the Commodity Futures Modernization Act of 2000, sponsored by Republican Congressman Thomas Ewing of Illinois. That bill went nowhere, even though Tom Delay’s wife Christine was then working for a Washington lobbying firm, Alexander Strategies – which Enron had paid $200,000 to push through legislation for permanent energy deregulation in these "dark" markets.
Six months later came Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000. This time around the sponsor was Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill’s co-sponsors. Like it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill – which was signed into law by President Clinton.
Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments – including the collateralized debt obligations that are at the center of today’s mortgage crisis, which may well cost us more than $1 trillion before it’s over."
September 15, 2008 4:00 PM | Reply | Permalink
I don't understand why McCain made his fundamentals comment. What does he hope to gain by it? I think it's pretty obvious that it was a dumb move, but maybe I am missing something. Is there any upside to such a comment for McCain?
I expect this to be in an Obama ad before the end of the day. McCain's walkback should be interesting to watch as well.
September 15, 2008 2:35 PM | Reply | Permalink
they're making it up as they go along?
September 15, 2008 2:40 PM | Reply | Permalink
Well, he's said it a few months ago. And it was wrong then, so why did he stick with it? I'm just trying to figure out the strategy, but it's just baffling.
September 15, 2008 2:43 PM | Reply | Permalink
He wants to define "fundamentals" as "working class voters" to say that Obama looks down on common people like you and me.
September 15, 2008 2:51 PM | Reply | Permalink
Right, McCain is trying to say that Obama is blaming the American workforce for this, and that
Obama doesn't believe the American workforce can build the country back up.
Both of which are, of course, lies. But this is all McCain has left on this issue. The Double-Talk Express strikes again.
September 15, 2008 3:10 PM | Reply | Permalink
I think the upside is that it is part of McCain's standard comments/stump speach and therefore takes no extra time to learn.
As I've pointed out before the prime motivator for this current set of bank failings is deregulation pushed by Phil Graham (the same McCain advisor that called America a nation of whiners.)
Want some linkage?
http://losangeles.injuryboard.com/miscellaneous/the-subprime-mess-and-phil-gramm-an-experiment-in-deregulation.aspx?googleid=242468
http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/
http://boards.msn.com/MSNBCboards/thread.aspx?threadid=781699
September 15, 2008 2:42 PM | Reply | Permalink
I think I'll just settle on it being a really dumb comment and stop looking for the evil genius behind it.
And the workers=fundamentals explanation likewise makes no sense. How are they strong? The average worker seems to be taking it the hardest. I give up. . .
September 15, 2008 2:47 PM | Reply | Permalink
Well, he had to say something optimistic.
September 15, 2008 2:43 PM | Reply | Permalink
Yes, apparently he switched it to "workers = fundamentals" in his second event. It doesn't matter what he meant, he made a mistake and it's perfectly fine for Obama to take advantage of it.
September 15, 2008 2:43 PM | Reply | Permalink
I think that in the minds of his listeners the "fundamentals" of the economy have something to do with "small town values". And "honor" and "self-reliance", and "government shouldn't interfere in the economy"
Except of course, when it *should*, like to bail out Freddy and Fanny Mae and the other Clampetts...
September 15, 2008 5:03 PM | Reply | Permalink
This comment by McCain is "false hope," the sequel.
September 15, 2008 2:36 PM | Reply | Permalink
The sad part is, if the Republican candidate (not specifically McCain) wore a swastika, handed out cocaine at rallies, and took a dump on the Lincoln memorial, 30% of Americans would still vote for him.
September 15, 2008 2:38 PM | Reply | Permalink
Indeed. Most issues have two sides, each worth fighting for, given a set of values.
But the lies...
And we're talking 8 years of it. This robs McMuleFritters of any chances to establish credability.
How many of that (alleged) 30% of (likewise alleged) "christians" have something negative to say about any lie to get elected?
Issues surrounding the presidency lost the privlidge of "sides" in any debate when it lied the country into war, tortured prisoners held illegally, abbrogated treaties, and contines to copy without a warrant the entire Internet and phone network through this moment.
Absent any attempt at civility, honesty, and a respect for democratic institutions (however low the approval rating happen to be), McHogwash cedes the field.
Will America get it?
I give it 50-50. VA polls were good today. Let us see if it continues this week.
September 15, 2008 2:49 PM | Reply | Permalink
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September 15, 2008 2:43 PM | Reply | Permalink
Well, talk about 5 pounds of bullshit in a 3 pound bag.
Keep up the good work.
September 15, 2008 2:45 PM | Reply | Permalink
FYI, a "blivet" bag.
September 15, 2008 4:13 PM | Reply | Permalink
And I'd like to encourage YOU to engage in an anatomically improbable act.
September 15, 2008 2:45 PM | Reply | Permalink
Are you now, or have you ever been Matthew Weaver, or gotalife?
September 15, 2008 2:58 PM | Reply | Permalink
Got one for Bush and Cheney? That one I would sign.
September 15, 2008 5:56 PM | Reply | Permalink
Now we need to see McCain's gaffe in an ad.
September 15, 2008 2:46 PM | Reply | Permalink
I really thought this said "giraffe" at first. And I wondered for a split second if one of McCain's many Uday-and-Qusay-style palaces had a zoo.
September 15, 2008 2:54 PM | Reply | Permalink
Agreed. I would argue the unemployment rate is the single most important "fundamental" of the economy, which unfortunately happens to be above 6%.
My appreciation for supply side economics has grown exponentially.
McCain's attempt to characterize Obama's critique of the "fundamentals" as an attack on American workers is dishonest and inaccurate; in other words, it coincides with the tenor of his campaign.
September 15, 2008 2:48 PM | Reply | Permalink
Well, seeing as zero raised to any positive power is still zero, this is hardly surprising.
September 15, 2008 2:58 PM | Reply | Permalink
OK now, once again, Ob has to take this little gift and ram it down McSlug's throat so he's gagging on it for the next 7 WEEKS! He cannot let up and wait for the next gaffe.
No matter what Mc says always reply with "How can you fix what you helped to break? How can you reform a government with the same lobbyists who created the problem in the first place? How can you help working families when your own advisors think that their problems are all in their heads? How can you understand what anyone but the rich are going through when you are divorced from the daily lives of Americans? etc"
Demand answers that he cannot give.
September 15, 2008 2:48 PM | Reply | Permalink
Above comment about supply side economics was intended to be sarcastic.
September 15, 2008 2:50 PM | Reply | Permalink
The best part now about anything that McCain says it can be quickly accounted to his dishonesty. At least for now.
September 15, 2008 3:00 PM | Reply | Permalink
The only reason AIG avoided crashing and burning today is that the Feds made a decision to allow it to borrow money from its subsidiaries. Now, if that's not rearranging the deck chairs on the Titanic, I don't know what is. With stakes like these, anyone who votes for McLame and Miss Piggy certainly cannot be accused of voting his or her pockebook!
September 15, 2008 3:03 PM | Reply | Permalink
McCain took his lead from Herbert Hoover in '29: Hoover said the economy was sound then, too.
Go get 'em, Barack!
September 15, 2008 3:07 PM | Reply | Permalink
I think NOW is time to unveil the Keating5 stuff.
And lots of pictures of Phil Gramm, his wife, and Enron.
September 15, 2008 3:08 PM | Reply | Permalink
I don't think so. Let this pot simmer for a while. Adding another ingredient to the liar and economic disaster memes kinda dilutes those messages. After they've gained a bit of traction, the ground will be more fertile for K5-type attacks.
September 15, 2008 3:27 PM | Reply | Permalink
Phil Gramm, McCain's financial adviser, is the architect of the current financial crisis. Check out this passage from an article by Ed Lake of the Star-Telegram in Fort Worth, Texas:
Lay, DeLay, Gramm, Gramm & Clinton
"The late, infamous Enron head, Ken Lay, realized in the eighties that he could make more money bidding up energy in the futures market than by actually creating and selling energy. But, under then-current rules, how much you could make swapping paper was limited. Fortuitously, Lay had excellent Texas political connections; and in November of 1992, the head of the Commodities Futures Trading Commission moved to exempt energy-derivative contracts and related swaps from any government oversight.
A vote was hurriedly put together before the Clinton White House would take over, and so Lay could finally start "dark" – unregulated – futures trading. The head of the CFTC was Wendy Gramm, wife of Texas Senator Phil Gramm; five weeks after she left, she became a board member of Enron in Houston.
Fast-forward to late 2000 and H.R. 5660, the Commodity Futures Modernization Act of 2000, sponsored by Republican Congressman Thomas Ewing of Illinois. That bill went nowhere, even though Tom Delay’s wife Christine was then working for a Washington lobbying firm, Alexander Strategies – which Enron had paid $200,000 to push through legislation for permanent energy deregulation in these "dark" markets.
Six months later came Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000. This time around the sponsor was Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill’s co-sponsors. Like it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill – which was signed into law by President Clinton.
Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments – including the collateralized debt obligations that are at the center of today’s mortgage crisis, which may well cost us more than $1 trillion before it’s over."
September 15, 2008 3:08 PM | Reply | Permalink
If what McCain means by the fundamentals of our economy is the American spirit, the American willingness to work hard, the American strength in the face of reasonable, unavoidable adversity -- then McCain is right. The problem is that Bush's -- and McCain's if he were to (shudder) be elected -- economic policies have ground those American qualities down, damaged them, thrown dirt in their eyes, and this from our government -- the one that's supposed to be helping us. And that's what Obama will do, work like a vitamin to restore those American qualities so they can build a better tomorrow.
September 15, 2008 3:37 PM | Reply | Permalink
McCain wasn't talking about the "American spirit". He was talking about the fundamentals. Obama exclaimed it well today.
"What's more fundamental than the ability to find a job that pays the bills and can raise a family? What's more fundamental than knowing that your life savings is secure, and that you can retire with dignity? What's more fundamental than knowing that you'll have a roof over your head at the end of the day? What's more fundamental than that?
The fundamentals we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great - that promise that America is the place where you can make it if you try - a promise that is the only reason that we are standing here today."
September 15, 2008 3:48 PM | Reply | Permalink
I dunno. Just listened to the McCain clip and it sounds to me like Obama is just saying exactly what McCain said. That there is turmoil, that Wall St. needs to be cleaned up. McCain leads the way and Obama merely reiterates what he said.
Only difference I hear is that McCain has confidence in America's economy to rebound and Obama doesn't.
September 15, 2008 3:48 PM | Reply | Permalink
The other difference is that McCain said it in about 1/4 of the words it took the elitist to say the same thing.
September 15, 2008 3:53 PM | Reply | Permalink
Got to admit, Obama really knows how to uncork the one-line zinger.
I'm anxious to see the debates.
Thanks.
mp
September 15, 2008 3:52 PM | Reply | Permalink
McCain said "the fundamentals of the ecomomy are strong". He said this at his first townhall meeting.
There is no going around that. McCain has said this before as well.
September 15, 2008 3:53 PM | Reply | Permalink
Define "fundamentals of the economy".
September 15, 2008 3:57 PM | Reply | Permalink
It doesn't matter how you or McCain wants to define it. The fundamentals of our economy are not strong.
The "fundamental" of our economy is liquidity in the credit market and the 4th largest investment bank just filed bankruptcy with over $600 BILLION in debt. The great financial capital of the world now is now down to only 2 large independent investment banks, Morgan and Goldman.
The value of the collateral that backs the debt that fuels our economy is being destroyed at an alarming rate. Huge amounts of wealth is literally disappearing.
Corporate profits still strong? GDP still growing? Don't kid yourself, they're next. Where do you think the money that fuels this economy is going to come from? Debt? No collateral. Wage growth? Any wage growth (which there is none) is likely to be offset by inflation and high unemployment.
So define it how you want, but this was a typical idiotic statement by McCain. Utterly ignorant of the dangerous economic situation we are now in.
September 15, 2008 5:06 PM | Reply | Permalink
It can only trickle down so much when you got gamblers running the show! It's a good thing we haven't let them gamble social security away yet!
September 15, 2008 3:58 PM | Reply | Permalink
I'm just ready for this election to be over already. I am tired of having the media not doing their proper job. I am much too young and handsome to be stressed over bullshit.
September 15, 2008 4:00 PM | Reply | Permalink
McCain's talking about his $5millionaire middle class economy...
September 15, 2008 4:01 PM | Reply | Permalink
Here’s an idea:
Let’s get American workers to increase their productivity even more than they already have in the last twenty years, making sure that none of the resulting windfall goes to anyone but these desperate bankers and CEOs and Paris Hiltons who need it the most. Then let’s give the bankers and CEOs and Paris Hiltons a whopping big tax cut—it’s their due after all and we should show them our gratitude —while we raise Social Security taxes on workers, eliminate overtime pay, and cut pensions and benefits.
Has this been tried this before? I think it’s a winner!
(H/T to sadly,no)
September 15, 2008 4:02 PM | Reply | Permalink
http://thinkprogress.org/2008/08/20/mccain-econ-strong/
September 15, 2008 4:05 PM | Reply | Permalink
Scrabble all you want, troll, but "the fundamentals of the economy are strong" is going to stay out there, and be combined with "If you really believe that, I've got a bridge in Alaska I can sell you".
On a day when the stock market dropped nearly 500 points, it's going to be really hard to back out of "fundamentals of the economy are strong".
Really hard.
September 15, 2008 4:18 PM | Reply | Permalink
And it will rebound and...get ready for another prediction....the stock market will be well above its current level by the election and McCain will be deemed correct on the economy.
September 15, 2008 4:43 PM | Reply | Permalink
McCain is playing the Reformer ploy again.
He'll clean up Washington, etc.
He'll clean up Wall Street.
He'll clear out the lobbyists.
Senator McCain, have you no shame, sir?"
September 15, 2008 4:07 PM | Reply | Permalink
McCain / Feingold.
'nuff said.
September 15, 2008 4:10 PM | Reply | Permalink
blockquote fix (sigh)
September 15, 2008 4:09 PM | Reply | Permalink
Heard you the first time, spammer. (Who cares if you nailed that tricky blockquote feature?)
It's easy for a dude with nine houses, that's rich beyond all dreams of avarice, to be optimistic at a a time like this. But McCain's personal wealth aside, we've just had eight years of a President watching our economy burn down and then, blowing the resultant smoke up our asses. Please. You hate Obama so much, and are so angry over Hillary's loss that you welcome the policies of a man who would only keep the entire country in this downward spiral (and might accelerate it)?
That is unbelievably selfish. Check yourself.
September 15, 2008 5:22 PM | Reply | Permalink
Barak needs to keep his attacks simple. For instance, he was most effective with, "John McCain doesn't know how many houses he has."
Maybe he should just say, "John McCain doesn't know that when banks fail it is bad economic news."
September 15, 2008 5:22 PM | Reply | Permalink
How much simpler could it have been? Sheesh. The way some of you folks worry just kills me.
How do you say it more simply than this?
September 15, 2008 5:25 PM | Reply | Permalink
Calling the spin-doctor, calling the spin-doctor--do you copy, over...
McCain you are so foolish. US economic fundamentals are not 'strong'. Where have you been for the past year? Oh-- In one of your seven-ten houses; depending on what the definition of house is. You sir are a moronic, incompetent republican puppet, a dwindling shadow of your former self.
You say the fundamentals are the American worker's-- we'll jobs are being lost and sent overseas thanks to you. Good lookin out for the fundamentals.
September 15, 2008 5:29 PM | Reply | Permalink
PALIN
Pain with a lot more "L"
Cheers,
September 15, 2008 5:36 PM | Reply | Permalink
And, I mean, honestly.
September 15, 2008 6:22 PM | Reply | Permalink
View slideshow from Anti-Palin rally this Sunday in Anchorage, AK
go to:
http://bigshow.bigfolio.com/?s=000011662&t=0e6a8ae03101be65098418ccb735e4a1
September 15, 2008 6:37 PM | Reply | Permalink
TPM is consistently biased in depicting a financial meltdown as bad.
To be fair to the millenarian nut cases, a financial meltdown can be a good thing.
Cargo cults -- sorry, spirit-filled Fundamentalist faith-based organizations -- always do well in economic crisis.
And they can depict financial crisis as the fulfillment of prophecy.
Before you start asking the candidates what they would do about the financial crisis, in fairness, you should really start by asking whether they are for economic meltdown.
Some people might see war with Russia as a bad thing, but what better way to usher in the end of times?
September 15, 2008 8:03 PM | Reply | Permalink
Have you guys marked that the MSM will only tell what Obama told only and only after they are done talking about McCain and Palin. What kind of a ritual is that? Just reminds me of black folks taking a back seat in the bus!!!!
September 15, 2008 8:24 PM | Reply | Permalink
I know John McCain must be kept very busy with his seven houses and his meetings with Washington lobbyists and Karl Rove but that's really no excuse for being so out of touch with what's going on in the economy and with the struggles of middle class Americans. McCain said the economy's fundamentals are strong. He has supported Bush's economic policies which have caused the disaster. One of his closest advisors, Phil Graham, the man who said the recession is mental delusion of a nation of whiners, is the author of the deregulation responsible for the growing list of Wall Street collapses. Sara Palin appointed to head the Economic Development Office of Alaska a person whose only qualifications seem to be that he ran a retail UPS franchise and he was a friend from high school. Are these the people America can trust to handle the economy? Why would we trust the people who got us in to this mess to get us out of it? Why would we trust the same discredited Bush economic policies to work and differently in McCain's administration?
September 16, 2008 8:57 AM | Reply | Permalink