That’s John McCain this morning, after a weekend in which investment bank powerhouse Lehman Brothers was forced to declare bankruptcy, while Merrill Lynch was scooped up by Bank of America in a fire sale. Meanwhile, locals like me have gotta be wondering if we should pull our savings out of Washington Mutual, for fear of having our funds frozen in a collapse. But to the man with more houses than he can count, our economy is still strong.
And you can trust McCain on this because he really knows what he’s talking about. You know, unlike some unknown economist like Alan Greenspan:
Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America’s economic situation on Sunday, saying the crisis with the country’s financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future.
“Oh, by far,” Greenspan said, when asked if the situation was the worst he had seen in his career. “There’s no question that this is in the process of outstripping anything I’ve seen and it still is not resolved and still has a way to go and, indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes.
Of course, the reason McCain refuses to acknowledge that our economy is in crisis is because to do so would acknowledge the need for government to do something about it… like increased regulatory oversight of the financial industry, something to which McCain is opposed on blind, ideological grounds. To a free marketeer like McCain, admitting that we fucked up, and allowed our financial industry to implode through lax oversight, would be tantamount to renouncing one’s belief in God.
And to think, McCain is actually trying to rebrand himself as an agent of change….
But then, I suppose, the family featured in this ad… they just made poor choices, so they’ve got nobody to blame but themselves.