Thursday, September 18, 2008
McCain on Economic Fundamentals
This is apalling. OK, we've already established that McCain doesn't know anything about economics. But his advisors must, right? Apparently not.
Senator McCain's initial statement, that the fundamentals are sound, might or might not be true, but it is surely defensible. (I think in some respects it is very true; our technology is extremely good, the capital structure is probably not terribly wrong, etc.)
But challenged, he falls back on this incredibly silly response. It would be easy to simply say "strong fundamentals" means "technological know-how, capital equipment, labor productivity, entrepreneurship, etc., but what is weak is the financial system." This is ridiculous.
Or maybe not... maybe it is a cynical play for the votes of the stupid. I heard Larry Summers asked if the economic fundamentals are weak, and he had to begin with a paean to the nobility of the American worker before he could answer the question.
Oh great, it has become unpatriotic and anti-American to discuss economic fundamentals now.
What's dreadful about this is that Obama's economic plan is full of holes, and could be easily deflated. But McCain's advisors have apparently decided to promote ignorance instead of light. Good lord, this really is Bush II.
Without them, it doesn't matter who is in power.