"The fundamentals of our economy are strong"

by: connecticutyankee

Mon Sep 15, 2008 at 22:33:07 PM EDT

John McCain, September 15, 2008


Dow Jones Industrial, September 15, 2008

Let me see. Energy crisis! check. Housing crisis! check. Highest unemployment rate (6.1%) in 5 years! check. The largest drop in the stock market since 9/11! check.

And, OUT-OF-TOUCH John McCain states that the fundamentals of the economy are still strong. Well, which fundamentals are he talking about? Is anyone reading this diary really more well off now than they were 8 years ago? Has anybody who owns their own home checked the value of their biggest asset lately? If the majority of your assets are in stocks, mutual funds or other liquid assets, can you honestly say you are worth more now than just three years ago? The S&P500 is at levels lower than what it was more than three years ago (and it has a good chance to be lower tomorrow.)

If you do not own your own home or have minimal equity security investments, are you still better off now than you were 8 years ago? Or 4 years ago?

The economy has tanked. And, the panic has begun to set in--in Wall Street. But, John McCain still thinks that the fundamentals are strong. If you don't know how many houses you own and if you think what constitutes rich is if you have at least $5 million, I guess you could confidently say that:

"The fundamentals of our economy are strong."