John McCain, September, 2008: “The fundamentals of our economy are strong,”
George W. Bush, after 9/11: “I want to assure the American people that the fundamentals for growth are very strong.”
Treasury Undersecretary John Taylor, October 2, 2001: “our basic fundamentals are very sound.”
George H. Bush, December 1991: “I remain convinced America’s fundamentals are sound—not just the economic indicators that I mentioned a few moments ago, but the broad fundamentals that sustain American society.”
Ronald Reagan, October 1987: “the economic fundamentals remain sound.”
Treasury Secretary Andrew Mellon, Early 1930: “I see nothing in the present situation that is either menacing or warrants pessimism.”
Herbert Hoover, Thursday, October 24, 1929: “The fundamental business of the country, that is, production and distribution of commodities, is on a sound and prosperous basis.”
Okay, see where we’re going? You know what happened then. Change the conversation and redirect the attention away from the current mess we are experiencing right now. Seems like an election strategy for McCain, even though today he’s trying to change his words. Hasn’t he done a lot of that recently?
When the economy may not be economically sound:
A need to create 150,000 jobs per month just to keep pace with the growing population
Payroll jobs fall for eight straight months and unemployment rates spike
New unemployment claims remain above 400,000
Inflation for the past 12 months has run at 5.4%
Foreclosures are running at record rates and housing prices fall by 16% year after year
Two largest financial institutions fail and are taken over by government
Fourth largest investment bank files for Chapter 11
Federal Reserve nationalizes a massive insurance firm
Retail sales fall two months in a row
Industrial production decreases
Nation’s three major automakers report sales declines of over 20% and beg for loans from taxpayers.
I don’t have a lot of time to write these days but in reading a piece by Daniel Gross of Newsweek today, I thought he hit on many reasons why McCain should never, ever be our next president. I’ve tried to reduce what he wrote to make it easier and faster to read.
“Money Culture, Daniel Gross, Fundamentally Speaking. (Is there any excuse for McCain’s gaffe about the economy?)