Quit Doling Out That Bad-Economy Line

[Nonno]

Here's a McCain advisor who thinks we shouldn't be thinking about a depression.


But that doesn't make any of it true. Things today just aren't that bad. Sure, there are trouble spots in the economy, as the government takeover of mortgage giants Fannie Mae and Freddie Mac, and jitters about Wall Street firm Lehman Brothers, amply demonstrate. And unemployment figures are up a bit, too. None of this, however, is cause for depression -- or exaggerated Depression comparisons.

Quit Doling Out That Bad-Economy Line - washingtonpost.com

 

[Larry Gude]

It's true...

...the economy is not that bad. We're still growing.

Housing is definitely a mess and that will take time. Money has fled housing and mortgage backed securities which is the root of all evil on Wall Street these days; all the failures have one thing in common; housing.

Yet, the economy still grows? Yup and if it weren't for oil, we'd be rock solid right now. How can that be? Simple.

The economy as a whole, gdp, is about $13 trillion. 3% growth is about $400 billion a year in new 'business' over the last year. What has happened the last year besides housing? Oil.

Imagine where we'd be if $500-700 billion had not left our economy this past year? That's over a half TRILLION dollars that was not spent the prior 12 year or the year before that or before that.

Yup, boys and girls. We're in good shape if not for oil prices.

 

[blazinlow89]

...the economy is not that bad. We're still growing.

Housing is definitely a mess and that will take time. Money has fled housing and mortgage backed securities which is the root of all evil on Wall Street these days; all the failures have one thing in common; housing.

Yet, the economy still grows? Yup and if it weren't for oil, we'd be rock solid right now. How can that be? Simple.

The economy as a whole, gdp, is about $13 trillion. 3% growth is about $400 billion a year in new 'business' over the last year. What has happened the last year besides housing? Oil.

Imagine where we'd be if $500-700 billion had not left our economy this past year? That's over a half TRILLION dollars that was not spent the prior 12 year or the year before that or before that.

Yup, boys and girls. We're in good shape if not for oil prices.

Don't let the Dems hear that, as far as they tell us we are screwed beyond belief.

 

[Larry Gude]

Ok...

Don't let the Dems hear that, as far as they tell us we are screwed beyond belief.

...but that's where the argument lies. McCain doesn't have a clue, so, it's up to his handlers to point him in the right direction and make the argument. He should be jumping on Obama for jumping on him about fundamentals. He should reinforce that he meant, fundamentally, the economy is good. He'll look like a genius next month.

As for Obama, same thing, only his argument must be the converse; we should have never gotten in trouble in the first place. See, he has a history of putting himself in a bad spot. The Surge is a good example. It made things better but he looks bad to moderates because he was so strong against it AND doesn't have the decency to acknowledge it worked. Same thing with the economy; when 3rd quarter numbers come out, he's gonna be in the same position; stuck trying to ignore that things are better.

 

[KingFish]

I hear the economy is really down but the Wal-mart parking lot is always full of people shopping. Someones making money.

 

[The_Twisted_Ear]

Think about it - the opposing party (Democrat vs Republican or Republican vs Democrats) always harps on the "bad economy" during an election. Right now - the Republican's are in office so naturally the Democrat's will harp on the Economy since it affects the pocketbook of every citizen. If the Democrat's were in office the Republican's would harp on the "economy." Welcome to the USA Presidential Elections.