Finally! A news event that renders moose stew and hockey moms and honorable POW status pretty much irrelevant.
Like John McCain, I’m no expert on economics. There was a time that I was in the market, a (very) amateur trader (or home-gamer as Jim Cramer likes to say). I got out for reasons other than the current melt down. My experience as a stock owner at least taught me that failures like the one at Lehman aren’t just limited to Lehman or bank stocks. There is a ripple effect. Lots of folks lost money today and it is only one signal of an economy in desperate straights. McCain’s answer is that the fundamentals of the economy are strong. The only justification for this kind of response is to keep folks from jumping out of windows a la 1929. Let’s hope that was his only motive in making a statement that flies in the face of reality.
Bottom line, the economy has been simmering under the surface as THE campaign issue for 2008 and today I think it finally broke open. Try as he might, McCain can no longer use superficial distractions in place of concrete policies. He must now address how the Republicans have gotten us to where we are. Today on MSNBC’s “Hardball”, Chris Matthews presented some staggering statistics:
If the United States were a corporation, any management team with this track record would be tossed out on its ass faster than you can say “thanks but no thanks”. It’s time to give a new management team a try.