“Our Economy is fundamentally Strong” – Really, We’ve Heard That Before! by Karolenna

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?)

http://www.newsweek.com/id/159343

Advertisements

86 Comments

Filed under Uncategorized

86 responses to ““Our Economy is fundamentally Strong” – Really, We’ve Heard That Before! by Karolenna

  1. I never thought I would live to see a time when candidates running for president would be discussing what to do to keep Americans in their homes. That’s the thing with George Bush and the repugs, just when you don’t think it can get any worse!

  2. chefsheila

    Thanks K,

    Really very good. We are in trouble and now…..finally…..in the final hour, these damned !@#$% are going to try to do something.

    And only because Bush is afraid of what the history books will say……..no maybe thats not right…..

    Bush is watching his millions disolve into thin air…..

  3. I discovered your homepage by coincidence.
    Very interesting posts and well written.
    I will put your site on my blogroll.
    🙂

  4. dnd

    Great post K.

    Reminds me of the John Maynard Keynes quote: “Long run is a misleading guide to current affairs. In the long run we are all dead.”

  5. I think McCain made a serious error making an overtly political speech this morning, I hope Obama will be more “above politics” when he speaks.

  6. The current Wall Street crisis can be traced back to greed and profit-motivation, as exemplified in the GOP push toward de-regulation. Phil Gramm was a primary architect of CHANGING the regulations that kept banks solvent. Yes, the same Phil Gramm is now economic adviser to John McCain.

    From:
    http://www.chron.com/disp/story.mpl/headline/nation/5850226.html

    “As chairman of the Senate Banking Committee, Gramm was instrumental in pushing major banking deregulation in 1999 that critics say has contributed to the current mortgage crisis.”

    “The bank deregulation law, known as the Gramm-Leach-Bliley Act, was the most important update in banking laws since the New Deal. Its most important feature: breaking down walls between commercial banks, investment banks and insurance companies.”

    “Gramm’s critics say the deregulation of commercial banks contained in the law made it easier for banks to push risky subprime mortgages on lower-income customers.”

  7. Obama took the high road, good for him, exactly the right tone to take at this moment.

  8. dog's eye view

    I am glad the financial meltdown hit now — on Bush’s watch — and while it has a chance to make a difference in the presidential election. That’s actually a blessing. Besides which: it was apparent this was in the offing for months upon months; will be difficult to live through it but at least we are getting a clearer view of what’s become of us.

    Good post, Karolenna. Hope the new job is going well.

  9. Damn Obama is good, he’s giving the exact right answers, “I’m not interested right now in making political points”.

  10. hey good day everyone…happy friday!

    I rode my bike to work today and my co-worker said I should get a t-shit like the one below – but change one word to ” dick ” 🙄

    We are broke, in debt, at war and some voters are actually going to vote for McSame….will anyone be enjoying a cocktail tonight????

  11. dnd

    Hillary has an op-ed piece in the NYT:

    “LAST month, the Bush administration launched the latest salvo in its eight-year campaign to undermine women’s rights and women’s health by placing ideology ahead of science: a proposed rule from the Department of Health and Human Services that would govern family planning. It would require that any health care entity that receives federal financing — whether it’s a physician in private practice, a hospital or a state government — certify in writing that none of its employees are required to assist in any way with medical services they find objectionable.”

    http://www.nytimes.com/2008/09/19/opinion/19clinton.html?_r=1&hp&oref=slogin

    Hillary would be a great pick for HHS.

  12. dnd

    Is it just me or is having the Alaska’s first dude refuse to respond to a subpoena on the Trooper-gate investigation make it look like they have something to hide?

    And now Alaska’s AG is being accused of obstruction of justice because he says that state employees won’t cooperate.

    Something smells funny…

  13. PRINCETON, NJ — The Sept. 15-17 Gallup Poll Daily tracking update shows Barack Obama with a 48% to 44% lead over John McCain among registered voters, marking the first time that Obama has held a statistically significant lead in two weeks.

    http://www.gallup.com/poll/110473/Gallup-Daily-Obama-48-McCain-44.aspx

  14. Something stinks in the state of Alaska!

  15. chefsheila

    Its Moose Stew……

  16. WSJ Editorial Board Hits McCain For Cox Threat: “Deeply Unfair … Un-Presidential”

    http://www.huffingtonpost.com/2008/09/19/wsj-editorial-board-hits_n_127660.html

  17. dnd

    Want to know how important Colorado is in this election? Obama is being interviewed live by one of the noon news anchor crews. Never seen that before.

    We normally think of ourselves as a “flyover” state. Not this year.

  18. Oh no dnd, you’re very important this year, and we’re taking Colorado too! Victory is in the air, I can smell it!

  19. chefsheila

    I was so excited to see him in Coral Gables!!! Right in the middle of lower middle class and migrant workers and military. I’ve never seen that before. He could have gone into coconut Grove. Or Bisquayne

  20. “The Republican Party has had a long record of blocking eligible voters from voting. In the past two Presidential elections, the country witnessed appalling efforts to limit voter participation in Ohio, Florida and throughout the country. It is beyond disgraceful that the Republican Party now seems to be targeting those who are suffering the most. It appears that individuals who can’t recall how many houses they own don’t understand how awful it is to lose your home to foreclosure, and don’t know that you don’t need to own property to vote in the United States of America. It should surprise no one that the people who gave us the worst economy since the Great Depression would now want to prevent those victimized by this economy from voting in the coming elections. Senator McCain needs to step forward now and halt the Republican Party’s efforts to profit politically from the economic misery of others.”

    http://www.huffingtonpost.com/2008/09/19/conyers-calls-mccain-out_n_127754.html

  21. Obama 11 Points Ahead of McCain in Iowa: In an election for President of the United States in Iowa today, 09/19/08, 46 days from the election, Democrat Barack Obama defeats Republican John McCain by 11 points, 54% to 43%, according to this latest SurveyUSA poll conducted exclusively for KAAL-TV Mason City and WHO-TV Des Moines.

    http://www.surveyusa.com/client/PollReport.aspx?g=3762a738-bf31-416c-81cd-d35599c13107

  22. dnd

    11 points in Iowa? That’s huge.

  23. there was a poll the other day that showed Obama ahead by 13 in Iowa. Which goes to my question of yesterday, what the hell was McCain doing in Iowa yesterday?

  24. dnd

    I think there’s a Hormel plant in Cedar Rapids. Maybe he was loading up on SPAM.

  25. dnd

    KO is paying $100 to charity every time Palin says something that isn’t true. I hope MSNBC pays him a lot. He’s gonna need it.

  26. dnd

    Dow up 369! Happy Friday! After all the carnage, Dow was only down 34 for the week.

  27. yeah and it only cost us 180 billion dollars to keep the market afloat! attaboy George Bush!

  28. dnd

    180 billion? Pocket change. Generally I’m not in favor of government intervention, but I think the price would be higher had they not done this.

    Judging by the urgency of the principal players, I’d say we’re in deeper doo-doo than they’re willing to admit.

  29. dnd

    Ok, the one thing I object to is banning short sales on certain financial stocks. I assume that includes buying puts on them. There are ways to prevent a short squeeze, and a ban will certainly do that, but it screws up an accurate pricing mechanism.

  30. Oh no argument there dnd, pay now or pay a lot more down the road. However this crisis is very much of the fault of the Bush admin due to it’s laissez faire approach to the economy. And btw Bill Clinton isn’t totally off the hook on this one easier, he was all too eager to give the repugs their way all too often when it came to deregulation.

  31. This is pretty interesting, in a horrific sorta way

    Satellite images show ethnic cleanout in Iraq

    http://www.reuters.com/article/scienceNews/idUSN1953066020080919

  32. dnd

    Brian,
    That’s pretty amazing that they use nighttime satellite IR to determine migration patterns.

  33. Very much reminds me of those night time satellite pics we see of North Korea.

  34. Hi Everyone, and welcome to the new contributors….

    It’s a nice place this Back Channel, please come back often

    😀

  35. Hey UB, and yes welcome to christianliberal, hope to see more o you!

  36. dnd

    I thought christianliberal had posted here before. Good perspective. I find the nic interesting, as I with my reading of the Bible I can’t see Christ being anything other than a liberal.

  37. dnd

    Turned on the tube to see the local news and saw Bob Schrum and Mike Murphy on David Gregory’s show. Murphy seems to be the rare Republican who tells it like he sees it. Plus he looks like he gets his hair cut at Supercuts and buys his clothes off the rack at Penny’s. I doubt that’s the case, but it’s refreshing to see a true Republican maverick.

  38. dnd

    The Colorado State Department of Labor and Employment announced today the fourth month in row rise in unemployment.

    It’s the economy stupid…

  39. Ohio reported today 7.4% unemployment that is the highest % in 16 years …and Ohio isn’t in the tank for Obama….

    bunch of stupid people or incorrect polls. I am hoping the latter

  40. Steve

    Focus focus focus

    ballots in the boxes gang…get uot there and vote!!!!

  41. Steve

    BTW I actually agree with pinhead Bush on the bailout….better a trillion into our banks than into Iraqi rathole….plus we dont have to kill anyone.

  42. Well – they as much said that , this bail out will produce inflation, maybe the likes of which we have never seen before….

    They had no choice, period the end, total melt down or high inflation…..

    we are still sending billions a month to Iraq…

  43. BevnTempe

    Interesting article in NYT written by Hillary Rodham Clinton and Cecile Richards, Pres. of Planned Parenthood Fed. of America, about the Bush admin. attempt to undermine women’s rights and health.

    http://www.nytimes.com/2008/09/19/opinion/19clinton.html

  44. BevnTempe

    Good article in NYT about Bush’s attempt to undermine women’s rights and healthcare. I sure that Palin/McCain will continue this proposal.
    http://www.nytimes.com/2008/09/19/opinion/19clinton.html

  45. Steve

    Right UB, and so now, get the Presidential in who will get us OUT of Iraq and there you are!

  46. Steve

    “Presidential Candidate”

  47. Lets not give bush any credit for the bailout, there was no choice in this matter, if the feds hadn’t stepped in the market would have crashed, and I think that fact was brought home to the president yesterday as well as Pelosi and Reid.

  48. chefsheila

    Just shoot McCain and put him out of his misery. 🙂 Echos of Bob Dole…

  49. Shelia,
    I know exactly what you mean, my husband doesn’t think McSame can physically make it….to erection day….even if he pops some Viagra. oh….I meant “election day.”….lol…

  50. chefsheila

    LOL This has been some week right? Hows TM? Are they freaking?

  51. chefsheila

    Didn’t Obama do awesomely today? I was soooo proud and felt so calm listening to him.

    Rachell’s talk with that economist was scary as hell. I hope he’s wrong.

  52. TM…is that a disorder?

    The only economist to be wrong are the optimistic ones.

    Beware of anyone who tells you everything will be okay, because it’s going to be tough……and depending on circumstance it varies.

    But we still have music — Go Obama

    peace doll babies~

  53. chefsheila

    Peace little Beatnik ;0)

  54. chefsheila

    You know TM…..as in Trade Mark.

  55. Steve

    lurking/stalking

  56. chefsheila

    Morning Steve.

  57. colleen

    hi Steve and Sheila

  58. chefsheila

    Morning John-Boy……Ah…I mean Colleen!

  59. Steve

    belated good morning, working my way through a maze of papers and feeling unmotivated and just a tad hung over

  60. Steve

    Rasmussen’s tracking poll is finally showing Obama up a point….duh!….as if we didnt already know that.

    I have to get back to those papers. back in in a few minutes

  61. chefsheila

    I’m still realing from this week. The ups and downs are mind boggling and I feel numb.

    I mean George W Bush did it again. He ran every business he ever owned into the ground. This time he may have just been a puppet for the others, but his name is going to be on this one.

  62. chefsheila

    David Horsey isn’t even feeling snarky this morning.

    http://seattlepi.nwsource.com/horsey/viewbydate.asp?id=1826

  63. chefsheila

    This is a must read from the Wall Street Journal. If you read anything today, this is it. Note the two paragraphs below. ;0)

    Stopping the Panic

    http://online.wsj.com/article/SB122186424594658611.html

    There’s little doubt that this week we were watching the modern equivalent of a 1930s bank run. Instead of lining up at bank windows, investors were unloading financial assets on their PCs. Credit markets had seized up, to the point that even routine daily settlements had stopped until banks had the actual securities or cash in hand.

    With the government already deeply implicated in financial markets — and a substantial cause of the mistakes leading to the panic — Treasury and the Federal Reserve had to act to prevent a crash. Libertarians will cry no-havoc, and the left will hail the (false) dawn of a new socialist era, but a financial meltdown would have been far worse for the economy and the cause of capitalism.

  64. dnd

    Morning all. Gail Collins exposes McCain’s keen sense of irony:

    http://www.nytimes.com/2008/09/20/opinion/20-collins.html?hp

  65. horsedooty

    yall probably seen this but here it is again.

    I’m a little confused. Let me see if I have this straight…

    If you grow up in Hawaii, raised by your grandparents, you’re “exotic, different.” If you grow up in Alaska eating mooseburgers, you’re the quintessential American story.

    If your name is “Barack” you’re a radical, unpatriotic Muslim.

    Name your kids “Willow”, “Trig” and “Track”, you’re a maverick.

    Graduate from Harvard Law School, and you are unstable.

    Attend 5 different small colleges before graduating, you’re well grounded.

    If you spend 3 years as a brilliant community organizer, become the first black president of the Harvard Law Review, create a voter registration drive that registers 150,000 new voters, spend 12 years as a Constitutional Law professor, spend 8 years as a State Senator representing a district with over 750,000 people, become chairman of the State Senate’s Health and Human Services committee, spend 4 years in the United States Senate representing a state of 13 million people while sponsoring 131 bills and serving on the Foreign Affairs, Environment, and Public Works and Veteran’s Affairs committees, you don’t have any real leadership experience.

    If your total resume is: beauty pageant runner-up, local sportscaster, 4 years on the city council, 6 years as the mayor of a town with less than 7,000 people, and 20 months as the governor of a state with only 650,000 people, then you’re qualified to become the country’s second highest ranking executive.

    If you have been married to the same woman for 19 years while raising two beautiful daughters, all within Protestant churches, you’re not a real Christian.

    If you cheated on your first wife with a rich heiress, and left your first wife after she was disfigured in a car accident to marry the rich heiress, then you’re a Christian.

    If you teach responsible, age appropriate sex education, including the proper use of birth control, you are eroding the fiber of society.

    But if, while governor, you staunchly advocate abstinence only, with no other option for sex education in your state’s school system, and your unwed teen daughter ends up pregnant, you’re very responsible.

    If your wife is a Harvard-graduate lawyer who gave up a position in a prestigious law firm to work for the betterment of her inner-city community, and then gave that up to raise a family, your family’s
    values don’t represent America’s values.

    If your husband is nicknamed “First Dude,” has a DWI conviction and no college education, and was once a member of a group that advocates the secession of Alaska from the United States, your family is extremely admirable.

    OK, much clearer now.

  66. You hit the nail right on the head doots! LOL

  67. horsedooty

    thanks brian I found some more.

    If you’re a minority and you’re selected for a job over more qualified candidates you’re a “token hire.”
    If you’re a conservative and you’re selected for a job over more qualified candidates you’re a “game changer.”

    Black teen pregnancies? A “crisis” in black America.
    White teen pregnancies? A “blessed event.”

    If you’re a black single mother of 4 who waits for 22 hours after her water breaks to seek medical attention, you’re an irresponsible parent, endangering the life of your unborn child.
    But if you’re a white married mother who waits 22 hours, you’re spunky.

    If you’re a 13-year-old Chelsea Clinton, the right-wing press calls you “First dog.”
    If you’re a 17-year old pregnant unwed daughter of a Republican, the right-wing press calls you “beautiful” and “courageous.”

    If you teach abstinence only in sex education, you get teen parents.
    If you teach responsible age appropriate sex education, including the proper use of birth control, you are eroding the fiber of society.

    If you’re a Democrat and you make a VP pick without fully vetting the individual you’re “reckless.”
    A Republican who doesn’t fully vet is a “maverick.”

    If you are a Democratic male candidate who is popular with millions of people you are an “arrogant celebrity”. If you are a popular Republican female candidate you are “energizing the base”.

    If you spend 3 years as a community organizer growing your organization from a staff of 1 to 13 and your budget from $70,000 to $400,000, then become the first black President of the Harvard Law Review, create a voter registration drive that registers 150,000 new African American voters, spend 12 years as a Constitutional Law professor, then spend nearly 8 more years as a State Senator representing a district with over 750,000 people, becoming chairman of the state Senate’s Health and Human Services committee, then spend nearly 3 years in the United States Senate representing a state of almost 13 million people, sponsoring 129 bills and cosponsoring 545 bills, and serving on the Foreign Affairs, Environment and Public Works and Veteran’s Affairs committees, you are “inexperienced”.
    If you spend 4 years on the city council and 6 years as the mayor of a town with less than 7,000 people, then spend 20 months as the governor of a state with 650,000 people, then you’ve got the most executive experience of anyone on either ticket, have traveled to 3 foreign countries, are the Commander in Chief of the Alaska National Guard of 4,000 members, you are well qualified to lead the nation should you be called upon to do so because your state is the closest state to Russia.

  68. chefsheila

    Leave it to you doots to call it like it is!

  69. Karolenna

    Hey Doots,

    I received that email yesterday from my daughter who received it from her friend in AZ, so it’s getting around. Now we need to ensure it gets forwarded to everyone we know so they get the message about Palin.

    I still say wonder what old McSame feels like to have sold his soul to the devil for the presidency. This is his only chance to “go down in history”, but if he’s not careful he may get in and go down in history same as “W”. McSame will say anything that his people tell him to say. He looks pathetic reading from those cards, but ignorant people will vote for him. Can’t understand.

  70. Poll: Racial views steer some white Dems away from Obama

    WASHINGTON (AP) — Deep-seated racial misgivings could cost Barack Obama the White House if the election is close, according to an AP-Yahoo News poll that found one-third of white Democrats harbor negative views toward blacks — many calling them “lazy,” “violent,” responsible for their own troubles.

    http://news.yahoo.com/page/election-2008-political-pulse-obama-race

  71. horsedooty

    I did not get the emails but found them in of all places a photographic forum dedicated to Large Format Cameras. The site has an un-moderated place where you can cuss and discuss pretty much anything. Someone posted these and I chose to copy and paste for the betterment of this blog.

  72. Karolenna

    Brian,

    Regarding the racial link you provided — I’ve never, ever understood a Black Republican. Yes, Lincoln was a Republican but he was also a liberal. Today Lincoln would be a Democrat, IMO. And, what party got the civil rights act into law? Were there Republicans who marched in Selma? Am I missing something here and know nothing about history? I see Joe Watkins on television with that damn smile on his face “all the time” as a Republican consultant, and I just want to slap some sense into him. I’m sure, though, that his affiliation has something to do with Christianity. But, from what I know about the Bible, some Christians fundamentalists like to use it to condemn blacks with their interpretation of the Bible. Just doesn’t ad up for me.

  73. Karolenna I can’t figure out Log Cabin Repugs, so black ones is way beyond my pay grade!

  74. chefsheila

    On washington Journal this morning, I was hearing the cry of “Those Socialists” from the Republicans……are they nuts? Their President has been forced by their greed to bail out. This country is full of brain washed people.

  75. horsedooty

    Karolenna,

    I have a few gay friends that straddle the Repub/Libertarian line. I don’t have a clue what makes them vote against their own.

  76. horsedooty

    I am not the sharpest knife in the drawer especially with regard to financial matters. I was not sure what I thought the bailout. I read in the Dallas Morning News Thursday edition in the Opinion Pages that local radio jock (rabid conservative) was against the bailout. His point was the market forces should be allowed to take over. Law of the jungle. Survival of the Fittest I figure that was the point I needed to be for the bailout. I have never read or heard him say anything I agreed with since he moved to the area. I am now comfortable with my decisions.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s