- McCain has been saying for weeks that the ‘fundamentals of the economy are strong.’
- Yesterday, Wall Street plunged 500 points in response to the disintegration of Lehman brothers (a 150 year old company) and the sale of Merrill Lynch to Bank of America.
- Also yesterday, Matt Lauer asked McCain if he still thought the economy was strong.
- He responded that Wall Street is ‘in crisis’ because of its own ‘greed and corruption,’ but, to clarify, in his mind the ‘fundamentals of the economy’ are the American workers. Just to be clear.
What? What on earth does that mean? The fundamentals of the economy are the workers. In a sense that’s both incredibly obvious and seriously thickheaded… unless I’m missing something. I’m sure he’s just trying to rescind his statement by simply rephrasing it (oh politics…). But logically I’m not even sure what he’s trying to say.

A Fundamental of the Economy
1. The workers aren’t the problem! It’s the system that’s screwed up! (to which we say… nobody thought the workers themselves were the problem)
2. America’s workers are in great shape and they will power the recovery of the economy! (which seems more than a little delusional. How low is minimum wage? How high is unemployment? How many jobs get sent overseas each year? How many workers is Lehman about to lay off?)
3. Capitalist society is awesome! (seems like what that statement means in isolation, right? The fundamentals of the economy are the workers. … Except you can apply that statement to communism too, can’t you? Maybe not that, then. Republicans have never liked those galdern Reds.)
Any guesses anyone?
And I have to say… can someone please call him on the fact that he’s part of the ‘greed and corruption of Wall Street’ that is, in his view, the actual problem?
First off, he’s part of the same greedmongering system that got us into this in the first place. Yes? Maybe a little oversight isn’t such a bad idea after all. (although, being a republican, McCain cannot call for more oversight. he instead can only appeal to ‘Wall Street’ to try to be less greedy. good luck with that.)
Second, how is he not greedy himself? He doesn’t even remember how many freaking houses he owns! How many of those houses could he possibly need?