McCain Described The Economy’s Fundamentals As ‘Strong’ At Least 18 Times In 2008
McCain Described The Economy’s Fundamentals As ‘Strong’ At Least 18 Times In 2008
Yesterday, after two of Wall Street’s major banking institutions had just collapsed, Sen. John McCain (R-AZ) declared that he “still” believes “the fundamentals of our economy are strong.” As MSNBC’s First Read notes today, yesterday was only the most recent occasion that McCain has called the economy’s fundamentals “strong” as the economy worsened throughout 2008:
And, perception-wise, McCain didn’t help himself when he said the “fundamentals of our economy are strong” — words that Obama’s campaign yesterday pounced on and McCain later backtracked from. In fact, the Obama camp is up with a brand-new TV ad today (airing in “key states”) that whacks McCain for saying that. However, it’s worth pointing out that those words from McCain weren’t new. By our count, he has used that phrase at least 16 times between Jan. 1 and June 5th of this year.
In August, McCain told right-wing radio host Laura Ingraham, “I still believe the fundamentals of our economy are strong.” Listen here:
In his interview with Ingraham, McCain defined what he meant by “fundamentals,” saying “we’re still the most innovative, the most productive, the greatest exporter, the greatest importer.” On the defensive yesterday, he defined the economy’s “fundamentals” as “workers and small businesses.”
In fact, economists have a very different definition of what the actual fundamentals of the economy are. ABC News’s Jake Tapper spoke to a few, and they say the fundamentals are not strong like McCain claims:
“One definition,” responded one, providing this definition: “A very broad term which includes such economic measures as interest rates, the government’s budget deficit, the country’s balance of trade account (relating to exports and imports), the level of domestic business confidence, the inflation rate, the state of (and confidence in) the banking and wider financial sector and consumer confidence.”
“By this definition, things aren’t so good,” the expert said.
Another said, “To which we might add health of job market, value of home prices and stock prices (which have the greatest impact on household wealth) and ability of wages to keep up with prices — these fundamentals are also not good.”
Economic experts also tell The American Prospect’s Tim Fernholz that by at least seven different key measures “the fundamentals are not in fact strong.”
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Prosperity is just around the corner- Herbert Hoover 1932
The Economy’s fundamentals are strong- John McCain 2008
Would you like to buy a used car from either of these two?
September 16th, 2008 at 3:43 pmOnce it’s part of a stump speech, and shows up on the teleprompters, McIIIrd is powerless to stop his mouth from parroting. McSkwaaaak!
September 16th, 2008 at 3:44 pmThe lies keep on coming.
Thank you! May we have another?
September 16th, 2008 at 3:45 pmsatirev Says:
It’s final: JOHN MC CAIN IS A PATHOLOGIAL LIAR!
Of course he is, he’s Republican.
September 16th, 2008 at 3:46 pmMcSame is fundamentally dumber than a box of rocks
September 16th, 2008 at 3:47 pmI do not claim to know much about financial services etc, but I think I have come up with a partial solution to this current Mortgage Crisis. Maybe someone who knows more about this can tell me how this could or could not work:
The whole thing seems to be tripping up at the point that the fixed rate jumps to the adjustable rate on mortgages causing people to foreclose and the Mortgage companies losing money. What if they put a tighter cap on how high the adjustable rate can be made… even if the contract has already been signed. What if we make those new payments low enough so that the people won’t lose their homes and the businesses holding the “securities” don’t lose all of their investment.
Will this work? Could it possibly be this “simple”?
September 16th, 2008 at 3:49 pmBS McCain is a worthless lying senile idiot. He and Bush and Gramm have been working for the last eight years to deregulate our financial markets and to totally unleash private greed. They forced the deregulation of the electronic oil futures markets which then was manipulated to double the price of gasoline in one year. They did the same thing with the mortgage markets. Unleashing private greed eventually leads to the collapse of the whole American economy. Of course, the Bush/Cheney wars and endless imperial occupations of Afghanistan and Iraq didn’t help our economy either. These Republicans are all economic traitors…
September 16th, 2008 at 3:49 pmYou guys misunderstand.
When McSame says, “the fundamentals of the economy are strong” he doesn’t mean real fundamentals like some elitist, university-educated economist might think.
No, he means the fundamentals: the fact that we’re Americans and we can do any damn thing we want.
That shit is as strong as ever.
Day-um.
September 16th, 2008 at 3:51 pmfrom last night’s daily show, jon put my thoughts to words when he responded to mcSPIN’s stupid “fundamentals of our economy” comment: we still trade with money? we don’t barter?
or something like that…
however, i do barter all the time… don’t make a lot of money, but i don’t spend it either… i trade for all kinds of things…
September 16th, 2008 at 3:54 pmIf the captain of the Titanic stood on the bridge proclaiming that the ship was unsinkable even as it was about to slip under the surface of the water, we would consider him a fool.
Yet this is exactly how McCain appears as he proclaims the fundamentals of our economy to be strong, while the rest of us know the economy is sinking due to years of feeding the rich, starving the poor, and eroding the middle class.
But I have to hand it to McCain — he’d outdone by his running mate, who has a higher count for her “thanks but no thanks” line. Even so, I think both of them need to be checked for pull-rings in the back of their necks.
September 16th, 2008 at 3:54 pmI have a question…did Holtz-Eakin actually say that “McCain has the ability to call a spade a spade“, or was that the WSJ’s turn of phrase. It’s not in quotes at the original article, is why I’m asking.
September 16th, 2008 at 3:54 pmThis tactic must be out of the Republican playbook. I’ve seen this before.
If the current situation does not support your statements or positions, makes you look bad, out of touch, just plain wrong, etc., then simply change the definition of the terms and words so they (hopefully) will fit.
As in the case at hand, since the traditional definition of ‘the fundamentals’ (inflation, unemployment, financial stability, Wall Street, job growth, etc.) all look pretty anemic at the moment, simply change the definition of word!
McCain want us to believe that ‘the fundamentals’ now means ‘the worker and small businesses.’ Abracadabra, presto, chango, and everything is back to looking great with this itsy-bitsy change. And, who can demean the common worker and the small business? They are still strong, right?
Verbal prestidigitation is a time honored Republican specialty. Like if Merriam-Webster and Harry Houdini had kids.
September 16th, 2008 at 3:57 pmThe fundamentals of the economy are strong… as in strong smelling about to rot kind of strong….
September 16th, 2008 at 3:57 pmsatirev Says
September 16th, 2008 at 3:44 pm
Uncle Ho: McCrazy is the “Ghost of Hoover” as he brings this country to the brink of economic destruction.
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I’m still waiting for McSame to say “a chicken in every pot, and a tin lizzie in every garage.”
September 16th, 2008 at 3:57 pmSo the problem is that we’ve misinterpreted what McCain said at least 18 times. Got it.
Interesting though the higher McCain gets in the polls the faster the market starts tanking.
September 16th, 2008 at 4:00 pm“McCain has an ability to call a spade a spade.”
Hello? Dogwhistle? Methinks that was a subliminal slight against Obama.
September 16th, 2008 at 4:00 pmWhat else is mccain going to do? This is his economy that we see failing before our eyes.
He has to hope that it will turn around just as he stood by the failed surge that he gives credit for the peace in Iraq, although it’s a lie and we know it.
He can only hope for an economic surge just in time for the election…..
September 16th, 2008 at 4:01 pmJohn McCain sez: “The issue of economics is something I’ve never understood as well as I should”. 12/18/07
John McCain sez: ” I don’t believe we’re headed into a recession. I believe the fundamentals of this economy are strong, and I believe they will remain strong”. 1/10/08
Yesterday he mumbled something about the economy being strong, and then, a few hours later, mumbled something about a crisis in the economy.
And we should believe him when he says he’s going to fix it, when he doesn’t have a clue what “it” is?
September 16th, 2008 at 4:04 pmthat picture above – those people seem to be looking at him incredulously… except the woman… she has this “you poor fool” look on her face… what’s the white-tie occasion?
September 16th, 2008 at 4:05 pmHeres something for the christian extremists of the radical right to ponder and may their feeble heads explode!
Is Sarah Palin The Harlot From The Book Of Revelations?
In John’s vision he saw a woman, a harlot riding a scarlet beast out from the wilderness. Could the color scarlet represent the republican party (Red)? Could the wilderness represent the State of Alaska? Could the beast represent our evil government?
Chew on this one christian extremists!
September 16th, 2008 at 4:06 pmGrampy McSame: Cindy keeps giving me my allowance, so the economy must be fundamentally strong.
September 16th, 2008 at 4:09 pmso XM radio’s Potus 08, is saying that after yesterday claiming the fundamentals are strong, today he is calling for a “commission” …
not a “9/11 commission”, which is what i heard, TWICE, this morning…
guess he wasn’t awake.
or is that his clever way to label something the bots wouldn’t know enough about to question? …
September 16th, 2008 at 4:09 pmCould you please tell Candy Crowley? She’s pimping McCain talking points on this subject.
September 16th, 2008 at 4:10 pmOf course to McCindy the economy is strong. As long as he has plenty of low wage workers to clean his houses and do his laundry and whatnot, everything’s copacetic.
September 16th, 2008 at 4:13 pmEven if there was a Senate committee to ’study’ the situation and McDepends was Chairman, he wouldn’t bother to show up for the hearings!
September 16th, 2008 at 4:14 pmMisshusseinmolly;
I would prefer pot in my chicken(if you know what I mean).
nod, nod, wink, wink.
September 16th, 2008 at 4:16 pm“and the Harlot rides a beast with 10 horns…” could that be a moose? this is getting creepy ;)
September 16th, 2008 at 4:20 pmSaying the “Fundamentals are strong” is about as obvious a deflection of reality as it gets. Hard-working people, decent import/export, low inflation, stable government…. Sure, it’s easy to say the “fundamentals” are strong. That doesn’t mean we’re not in the crapper right now economically, and it’s disingenuous to imply that we’re doing well, because we’re not, and it’s getting worse.
September 16th, 2008 at 4:21 pmCaption for picture of Johnny Boy above:
“My friends, excuse my loud belching and farting; I seem to have swallowed too much K Street Lobbyist spunk before speaking tonight. But don’t worry, I am building up a tolerance for it, and it won’t be a problem come November.”
September 16th, 2008 at 4:23 pmsatirev, many believe that the Catholic church is the harlot riding the scarlet beast, but I just thought it would be *fun* to throw that out there…but who really knows. Perhaps those who decipher the meanings of bible scripture are purposely misleading us to look elsewhere for the anti-christ. Anyway here is a link.
http://www.biblegateway.com/passage/?search=Revelation%2017:1-18&version=49;
September 16th, 2008 at 4:24 pmMcCain is the Manchurian Candidate. Who else would lie about the economy, taxes, drilling, health care, etc etc etc etc etc, trying to bring the country down further from the Bush/Cheney debacle?
September 16th, 2008 at 4:27 pmwho is and who WILL run the decaying empire ?
September 16th, 2008 at 4:27 pmmcchimpy calls a spade a spade? Oh really now. I wonder if mcchimpy’s first wife believes that bs.
mcchimpy calls a spade a wacky hockey lipstick pig.
September 16th, 2008 at 4:29 pmI hope people are listening to these mistakes.
September 16th, 2008 at 4:30 pmAwww… give McPalin a break.
Having successfully memorized one line – “the fundamentals of our economy are strong…” – he’s stuck repeating until he can remember a new one. Given John’s overall health and the rigors of campaigning, he just might not have the bandwidth left to come up w/ new material before the election.
September 16th, 2008 at 4:30 pmsatirev, re McBush/Cheney gaming the system. Totally agree. And they have gone a long way down that path. Just trying to put the different agencies back on an even keel will take years. They pushed the rot and filth deep into DoJ, EPA, DOI, DHS, Supreme Court, to name a few. Just cutting off the head will not take care of the problem. And McCain will further that.
September 16th, 2008 at 4:32 pmSpeaking to reporters this morning, McCain economic adviser Douglas Holtz-Eakin claimed “that McCain has an ability to call a spade a spade. [...]”
Then why isn’t he calling a “spade a spade” now? Why’s he trying to go all Hoover on us?
September 16th, 2008 at 4:43 pm2008 McCain + Sarah = 2004 Mondale + Ferraro.
1984 Race Mondale/Ferraro: They won one state, Minnesota (Mondale home state).
Just guessing:
2008 Race McCain/Sarah: 8 states including Arizona and Alaska.
Ferraro was much smarter and more experienced than Sarah.
McCain is mixture of Bush and Bob Dole ,Although he likes to be called McReagan; he is BuDole.
September 16th, 2008 at 4:53 pmI liken them to the Rocky [J. Squirrel] and BullWinkle [J. Moose] show Veritas. =)
September 16th, 2008 at 4:53 pmSorry…meant 1984 Mondale + Ferraro..a typo
September 16th, 2008 at 4:54 pmThe fundamentals for a man who married a rich woman and has eight houses or seven or nine houses…are great. McSame will not suffer from the depression he and Phil Gramm have planned.
September 16th, 2008 at 4:57 pmI understand what your saying 666lattes, but I dont think setting a cap on ARM mortgages would inject enough liquidity into the system although it would help people keep their homes.
September 16th, 2008 at 4:58 pmWell, McCain tried the same reform act after his involvement in the Keating scandal when the S&Ls went bust costing the taxpayers billions. Apparently he hasnt learned his lesson and is still running with the same herd.
Yes he was a POW, but thats not a pass go and collect 200$ card to be recycled again and again,
Its said you judge a man by those he keeps company with.
September 16th, 2008 at 5:01 pmChris Matthews tallies the number of time at 22!! Yes, yes, the fundamentals are, indeed, strong. Strong like bear.
September 16th, 2008 at 5:35 pmXisithrus,
Thank you for responding. Where is the currently lack of liquidity emmanating from? Is it more than just the money being lost on foreclosures and the need for the companies to sell the homes at auction prices?
If so, maybe they should just legalize drugs, if you catch my drift…
September 16th, 2008 at 5:37 pm666lattes Says:
The whole thing seems to be tripping up at the point that the fixed rate jumps to the adjustable rate on mortgages causing people to foreclose and the Mortgage companies losing money. What if they put a tighter cap on how high the adjustable rate can be made… even if the contract has already been signed. What if we make those new payments low enough so that the people won’t lose their homes and the businesses holding the “securities” don’t lose all of their investment.
Will this work? Could it possibly be this “simple”?
It makes sense to me. The people holding the notes won’t make as much money with the lower interest rate, but they won’t be losing money either. This has puzzled me from the beginning.
September 16th, 2008 at 7:14 pmYou load eighteen lies, and what do you get? Another drop in the polls and deeper in debt…
September 16th, 2008 at 8:57 pmTennessee Ernie Ford
September 16th, 2008 at 10:43 pmMcCain flunked econ 101 at the Naval Academy. McCain has admitted that economics is a bit over his head. McCain is fundamentally wrong.
September 20th, 2008 at 4:52 pm