McCain Boasts Economy Strong..While Dow and S&P both drop 5%

[MORAY37]

I mean seriously....  McCain up there, telling everyone that the economy is "fundamentally strong", and while his words are echoing throughout the hall, the markets are falling through the biggest drop since the day trading started after 9/11.  You really can't be serious about this guy.  He himself admits he doesn't understand the economy at all.  Many economists are of the opinion that if the Fed hadn't thrown alot of money at the problem today, the Dow may have dropped 1,200 to 2,000 points.

Funny that at the very next stop on his trail today, he insisted he was talking about the american worker, when he said the "fundamentals were strong."(and also heard the news about the markets collapsing)  People aren't "fundamentals", by the way.  They can be fundamentalists, but not fundamentals.  Then he proceeded to bash his opponent, saying that if he says "the fundamentals aren't strong", then he's "not on the side of the american worker".  Give him credit, he's got balls....

His number one economic advisor, Phill Gramm, is a main reason WHY we have this issue to start out with.  He inserted the legislation into the budget that made deregulation of the mortgage market a reality. Phil is also the leading candidate to become Sec Treasury in a McCain administration... Who also said America is a "nation of whiners".

The unemployment rate has steadily increased over the past 24 months.  (Now at 6.1%)

The unemployment rate rose from 5.7 to 6.1 percent in Augusthttp://www.bls.gov/cps/

Industrial production has fallen by it's largest drop in 5 years.

Industrial production decreased 1.1 percent in August and was revised down in June and July to show smaller gains of 0.2 percent and 0.1 percent respectively. After little movement over the previous three months, factory output was down 1.0 percent in August, in part because of a drop of 11.9 percent in the production of motor vehicles and parts. Excluding motor vehicles and parts, the index for manufacturing decreased 0.3 percent. The output of mines declined 0.4 percent, and the output of utilities fell 3.2 percent, as temperatures in August were unseasonably mild. http://www.federalreserve.gov/releases/g17/current/

Really?  Another four years of this?  What will be left of this proud nation?   

Also, where are you when Carl Rove says this...
http://www.youtube.com/watch?v=DNdtZGqZA2Y

McCain has gone, in some of his ads, gone one step too far in sort of attributing to Obama things that are, you know, beyond the 100% truth test.

"I didn't decide to run for president to start a national crusade for the political reforms I believed in or to run a campaign as if it were some grand act of patriotism. In truth, I wanted to be president because it had become my ambition to be president ... In truth, I'd had the ambition for a long time."
- John McCain (from his autobiography)

[1pLUs44]

I hope you arent implying we are in a Recession. Because the economy is still climbing. I hope you know that.

[Fishu]

The U.S is in a recession. please keep repeating it. I'm still waiting for the stock prices to go down a bit more.

[1pLUs44]

Recession is a steady decline over a period of 2 months. Things were much 'worse' over the summer, and the economy was still growing.

[Nilsen]

I have money in the bank. For me higher interest rates, a slower housing market and a slower market i general will put even more money in my account. Sheit happens for those who have borrowed beyond their means but thats not my problem.

Hopefully some day people will learn, but i wont hold my breath

Oh and to McCanes defence he is prolly not any worse or better than his competition.

[sunfan1121]

John McCain's exact words were "the economy is in crisis, but the fundamentals are Strong, and I believe in the American worker." His whole point was what that small business were the way out of this. Not bailing out greedy companies that played roulette with our money.

[Elfie]

John McCain's exact words were "the economy is in crisis, but the fundamentals are Strong, and I believe in the American worker." His whole point was what that small business were the way out of this. Not bailing out greedy companies that played roulette with our money.

Thanks a lot for killing this thread pal. 




 

[john9001]

obama wants to fix the economy by raising taxes, yeah, that will work.

[Mojava]

obama wants to fix the economy by raising taxes, yeah, that will work.

  You mean by repealing the Bush tax cuts and giving a tax break to people who make less than $225.000 a year.  Also by helping business owners with health insurance costs. Yeah that sounds horrible.

[sluggish]

  You mean by repealing the Bush tax cuts and giving a tax break to people who make less than $225.000 a year.  Also by helping business owners with health insurance costs. Yeah that sounds horrible.

When talking about this very thing this morning, Biden, when told that the Obama tax plan "sounds like wealth redistrobution" said, "call it what you like."

[Mojava]

 

Obama tax plan "sounds like wealth redistrobution" said, "call it what you like."

  You have a point, you could call it investing in America or if you like  old pancakes or monkey shoes.  Point is, if you make less than $225k a year, then your getting a break on your taxes.  How me getting a break on my taxes equates to wealth distribution is beyond me, I thought it was my money I was getting to save. 

[sluggish]

  You have a point, you could call it investing in America or if you like  old pancakes or monkey shoes.  Point is, if you make less than $225k a year, then your getting a break on your taxes.  How me getting a break on my taxes equates to wealth distribution is beyond me, I thought it was my money I was getting to save. 

So you don't plan on ever breaking that 225k level.  How sad...

[Speed55]

  .  How me getting a break on my taxes equates to wealth distribution is beyond me, I thought it was my money I was getting to save. 

Because even though your getting a tax break, those making over 225k get taxed more, in other words wealthy people are covering the cost of the not so wealthy. 
 Sounds good to anyone getting the break, but what happens when they re define wealthy  and lower 225k to 100k, then to 50k. It's not a good idea.

[Nilsen]

Thats like saying cheap gas is really bad because it might cost more if they decide to up the price.

[Mojava]

Because even though your getting a tax break, those making over 225k get taxed more, in other words wealthy people are covering the cost of the not so wealthy.
 Sounds good to anyone getting the break, but what happens when they re define wealthy  and lower 225k to 100k, then to 50k. It's not a good idea.

 
   The taxes will go back to what they where when we had a bipartisan plan to balance the US budget.  It's a repeal of the Bush tax cuts.  Seeing as 90% of Americans will get a tax break, I think it's a great idea.