John McCain On The Economy: A Series Of Flip-Flopping Phrases

On Monday morning, as the financial system absorbed one of its biggest shocks in generations, Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were "strong."

Hours later he backpedaled, explaining that he had meant that American workers, whom he described as the backbone of the economy, were productive and resilient. By Tuesday he was calling the economic situation "a total crisis" and denouncing "greed" on Wall Street and in Washington.

Read the whole story here.

Comments

[pennyvk]

Perhaps he is just becoming forgetful. Time will do that to a person.

[WABJR]

ECONOMY: BUSH AND MCCAIN'S NEW KATRINA

Too little too late and as if the elephant was not in the room. Why are we surprised about the meltdown or dare I say, crash? All the signs were there; a country at war digging deeper in debt, an economy that during his 2008 State Of The Union Address, President Bush claimed was booming, even though it was based on an inflated and economically false housing market that even at that time was teetering on the brink of oblivion. He was told, he was warned, however, in order to find some modicum of economic hope and show a shred of evidence that America was fiscally sound, he chose to feed the elephant peanuts rather than tell the truth. In doing so, President Bush, created a situation where his administration is once again playing catch up during a crisis just as it did during the horrific American experience of Hurricane Katrina.

Once again, it's catch up. Once again the President of the United States is relegated to the role of the boy with his finger in a dike, trying to patch it up with gum called the FDIC. This is not the greatness of the United States nor its leadership. Why point a finger also at John McCain? With all of his 26 years of experience in Washington, not once did he call a special meeting with Republican, President George W. Bush to... (FULL POST AT):

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[mjtaylor22]

The Glass-Steagall Act provided the proper oversight and entity separation that would prohibit banks and other financial companies from merging into giant trusts (conflict of interests) -- giant trusts or corporations being more powerful, naturally, and having the seemingly limitless capital to lobby their corporate interests, however, with a very myopic scope (particularly when it comes to factoring in potential losses -- most banks, as seen in contemporary times, chose not to anticipate losses in the mortgage market; they presumed home prices would continue to appreciate).

In 1999, former Senator Phil Gramm (who is, incidentally, Senator John McCain's economic adviser and cochairs his presidential campaign) set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act

[Caczak]

In a campaign in which EVERYTHING but the issues have been jammed down our throats by the Republicans and the media, isn't it both sweet and ironic that now John McSame is finally being righteously hoisted by his own petard, and that that the issues and his record may actually be what does him in. Frankly, I have NEVER been so happy and willing to see my portfolio head south. I just consider it a temporary contribution to the Obama campaign for a resulting better future for this country. With a resulting stronger America, I am confident that I will make up my losses.

[IntelligentDesign]

It's saying that "the fundamentals of the economy are strong" when we're on the brink of an economic meltdown seven weeks before the election - stewpid.

[IntelligentDesign]

John McCain understands this economy much better than he is letting on - he knows full well that the secret is to be in the top 0.1% of wealth accumulators and/or wage earners - it's really that simple.

[jeffp26]

Yeah, dump your wife and marry into it!!!!

[honeydiva]

it's hard not to just write a one liner...you don't know what the buzz word for delete is these days.

[wordvarc]

.

McSame has no clue what to do about the economy but borrow money to lower taxes of his wealthiest donors.

If he were honest, McSame would blame his flip flop on an inability to read and comprehend his teleprompter.

.

[GaBu]

Ok chickadees, I'm back.

[Rumplestiltskin]

You a W.C. fan?

[Amennyc]

WAMU is next. I'll go grab my wallet to grab what's left of my $ 300. tax rebate to help them out..... poor poor banks. poo poo feel so sorry. Let me help you poor things......

[ObamAtomic]

Fundamentals! http://www.youtube.com/watch?v=MdXaE-mMXTg

[mdmpo]

David Gregory just said there is a new McCain commercial that says his POW Experience has prepared him to take on Wall Street. What?

P.S. I didn't know McCain was a POW.

[Rumplestiltskin]

Did you know Joe Biden has asthma?

[GaBu]

Any how libs:

I have to leave my basement and buy some milk and toast for my mom.

I will be back later, don't miss me too much.

Newman, I'm waiting to see what you're talking about.

[WLA]

Won't you melt if the sun hits you?

[Sugar78]

yawnnnnnnn

[ObamAtomic]

Day of Ignominy from now on McCain...Party and you, remind us ,,1945
I was a Cook,,I'm Doctor,I protected them,I was farmer,,,,,,,,

Today Republicans avoiding the word,they are not Republicans,President ,who?
They do not remember eight years,,They are metamorphosing like McCain...
Look us ,we are,,,,,,,,,,,,,,,,,

[GaBu]

Are you ok?

[ObamAtomic]

Go buy milk and toast at inflated prices for your MOM.
Is that Rock too Heavy? You are not miss,,we are not your kind,,,HAHA!

[PROUDWHITESOUTHERN]

how the heck did mccain create the blackberry? can he wave his magic magic wand and create me an entire fruit salad? im hungry...

[Mogamboguru]

H probably meant, that he once had planted BLACKBERRIES.

[MIMom]

Mmmmmm....blackberries! Maybe we can have Shrilla's "cook" make us a pie....

[PROUDWHITESOUTHERN]

LOL

[surfcitysteven]

I think he meant he had a dingleberry.

[soapington]

I think he meant he DISCOVERED the Blackberry.

[FrankFurter]

He's certainly old enuff...

[Rumplestiltskin]

I think he meant he voted for some point on a bill that allowed engineers to create wireless technology that led to the creation of the Blackberry product. Isn't that the same thing as "creating" in most politician's minds? Didn't Al Gore create the Arpanet by traveling to the past?