In the midst of a dire economic situation, President Bush this morning characterized recent market developments as an 'adjustment' that can be painful for investors and employees of the firms, while Senator McCain said the 'fundamentals of our economy are strong.' President Bush, Senator McCain, and their Republican Party are out of touch and apparently ill-equipped to get our economy back on track.
"I still believe our fundamental underpinnings of our economy are strong."
-Sen. John McCain (1/23/08)
"I still believe the fundamentals of our economy are strong."
-Sen. John McCain (8/20/08)
"Our economy, I believe, still, the fundamentals of our economy are
-Sen. John McCain (9/15/08)
"Ladies and gentlemen: The state of our economy is strong."
-President George Bush (1/31/07)
"There have been some recent signs that our economy is beginning to improve."
-President George Bush (8/30/08)
"I'm confident that our capital markets are flexible and resilient, and can deal with these adjustments."
-President George Bush (9/15/08)
Under the leadership of President Bush, Senator McCain and the Republican Congress, Wall Street gamed the system and American families and businesses paid the price. This morning, as reports of major financial institutions faltering were piling up, Americans were left looking for answers.
Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health. America needs leadership going forward that understands the depth of the problem. Senator John McCain's public statements don't offer much confidence:
"I believe, still, the fundamentals of our economy are strong..."
- Sen. John McCain, 9/15/08
Sen. McCain admitted in December that the economy isn't his strong suit:
"The issue of economics is not something I've understood as well as I should... I've got Greenspan's book."
- Sen. John McCain, 12/18/07
Perhaps Sen. McCain should have watched former Federal Reserve Chairman, Alan Greenspan, on Sunday's ABC News This Week:
"I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally, and I think that indeed is what is in the process of occurring."
- Alan Greenspan, Former Federal Reserve Chairman, 9/14/08
Millions of Americans are feeling the pain of eight years of disastrous economic policies -- job losses, foreclosed homes, reduced home values, eroded pensions, high gas prices and compromised financial futures. Today, more than 9 million Americans are without work and millions more are struggling with the high cost of gas, health care and groceries, yet John McCain told Americans who are out of work or who just lost their jobs that another four years of the same failed Bush economic policies are the right solution for them and for America.
This year, the Democratic-led Congress enacted the largest reform to the housing finance system in a generation -- a key to helping our economy recover. We also passed a bipartisan economic stimulus package earlier this year and the House will soon take up another economic package that will create jobs and address some of the most immediate consequences of the Administration's serious mismanagement of our economy. Democrats are ready to do the hard work of helping address the pain of everyday Americans and begin to stabilize and grow this economy again.