Life as I know it… plus commentary

Seriously out of touch

with 10 comments

The Obama campaign wants to get you to believe that Senator McCain is out of touch. You be the judge.

The news over the weekend was grim. Lehman Brothers Holdings Inc. moved to file for bankruptcy and Merrill Lynch & Co.’s was involved in a forced sale to Bank of America Corp. In addition, American International Group Inc., the world’s largest insurance company, is asking the Federal Reserve for emergency funding.

John McCain, on the trail in Florida today — yes, today — tells us the fundamentals of our economy are “still” strong…

Here’s the full quote:

“You know that there’s been tremendous turmoil in our financial markets and Wall St. And it is — people are frightened by these events. Our economy, I think still — the fundamentals of our economy are strong. But these are very, very difficult times.”

McCain did refer to the big Wall Street events of here, so it isn’t like this was an unintentional gaffe; this is what he wanted to say. Arguably, of course, that could make this worse. Not cutting this line out on this morning, of all mornings, is a serious mistake.


Written by arnold

September 15, 2008 at 8:17 am

Posted in Politics

10 Responses

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  1. But the “fundamentals” (in the sense of “foundation”) are strong: our economy will recover from its present state precisely because its fundamentals are strong. If you or Obama disagree, and think we’re on the verge of collapse, then we should be talking about the fundamentals of our economy instead of name-calling.

    Obama is trying to make him sound out of touch by twisting his vague words into something like “our economy is doing great now.” But Obama’s tactic only scores him political points with the already converted, emotionally committed masses (ahem, Arnold).

    the kyle

    September 15, 2008 at 9:44 am

  2. Well, if you think Senator McCain means “capitalism” than yes. You’re right, turn off the lights on this post, close the door and let’s go home.

    Me though… I think Senator Obama has a better handle on the definition of the foundations of a good economy:

    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. – Senator Barack Obama



    September 15, 2008 at 1:40 pm

  3. Dang. Nice take there by Barack. Even though he can twist things into a nice soundbite, though, the fundamentals of our economy are strong. Wouldn’t you agree?

    the kyle

    September 15, 2008 at 2:43 pm

  4. You tell me. Are you better off now than you were 4 years ago? Don’t mention your wife cause Bush was not responsible for that.


    September 15, 2008 at 4:56 pm

  5. Four years ago I had no money and I owed more in school loans than I do now. But that doesn’t have anything to do with the fundamentals of our economy.

    Would you say the fundamentals of our economy are strong? (Note: I’m not asking if our economy is strong — I think you’re getting confused about that.) Are you better off than you were four years ago? (I dare (DARE!) you to say No.)

    the kyle

    September 15, 2008 at 5:04 pm

  6. I’m worse off now than I was four years ago.


    September 15, 2008 at 5:36 pm

  7. So, according to your line of questioning, the fundamentals of the economy are 50% sound and 50% unsound. (See how we’re not talking about the “fundamentals” here?)

    Anyway, it’ll be interesting to see how the candidates massage the recent crisis into their political message — drab promises like “I’m going to crack down on Wall Street!” I saw that McCain, just today, has shifted his language from “strong fundamentals” to “in crisis.” He apparently got your memo.

    the kyle

    September 15, 2008 at 10:28 pm

  8. All I know is four years ago I had one job and now I have to work two. That’s not change you can believe in.

    And I saw that… what a bunch of BS. His economic advisor who said that the American people were whiners and the recession was all mental probably told him he needed to “clarify”.


    September 15, 2008 at 10:40 pm

  9. Can you imagine the uproar that would have been caused if McCain had said something to the effect of “this economy sucks and you’re all screwed (though I’m fine because I have eight million houses yet to be mortgaged)”? You can’t make a public statement like that. Unless, of course, you’re Barack Obama and want to strike fear into the hearts of Americans and then telling them the only way to assuage their fears is to make him President. But that’s normally how a campaign works, isn’t it? You take a bunch of middle-age, middle-class voters who remember with a longing better times, you tell them that so-and-so is to blame for their lot in life (that line, by the way, is stolen right from the movie “American President.” Since we’re hooked on Hollywood’s voice in this election, I thought it would be appropriate), and then you come as a knight in shining armor on a white horse ready to be cast as their Savior. And the shinier your armor is, the easier it is for people to overlook the fact that you’ve fought absolutely NO dragons yet.

    Sounds like a great campaign strategy to me.

    SA Cubby

    September 16, 2008 at 6:59 am

  10. I don’t understand what you’re saying.

    It looks like you’re saying McCain wouldn’t be able to get away with telling truth about the economy.

    And then it looks like you’re saying Obama is telling people the economy is bad is simply fearmongering to get votes.

    Interestingly enough, Alan Greenspan said…. well you know what? I’m not even going to paraphrase. Here’s the direct quote:

    Former Federal Reserve Chair Alan Greenspan said this morning that this is “by far” the worst economic crisis he has ever seen. “There’s no question that this is in the process of outstripping anything I’ve seen, and it still is not resolved and it still has a way to go,” he said in an exclusive “This Week with George Stephanopoulos” interview.

    Do you think Greenspan is trying to strike fear into the hearts of millions or do you think the former chair of the Federal Reserve might have a valid take on the economy. BTW… two more national banks are in danger of collapsing this week.


    September 16, 2008 at 8:45 am

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