Says the fundamentals are strong even as America slogs through the Bush-induced malaise…
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McCain Still In Denial On The Economy
August 20th, 2008
3 Comments
Of course the economy is fine for the Reverse Ace.
It’s a good thing Ryan whoever he is doesn’t actually implement economic policy because he has no idea what he’s talking about. What he listed has nothing to do with economic fundamentals and in fact, three of the things he lists (inflation, wages, food costs) are all tied to one thing: energy prices.
Now, contrary to the bed-wetting histrionics of the left, the increase in energy prices is a completely market driven phenomenon. People who knew what they were talking about were saying that the super-fast rise in prices would not hold, because like with the housing market and the dot.com era before it, there was nothing really there to sustain such high prices. It was a bubble and it burst and that’s why oil prices dropped nearly $30 in in just a few weeks. It go so that events such as what happened in Georgia, and Tropical Storm Fay – both of which would have pushed oil prices up dramatically just over a month ago, barely registered as a blip on the oil price radar. And thankfully, Pelosi, Reid and the rest of those idiots that make up the Democratic leadership in Congress didn’t get a chance to pass their stupid proposals that would only have made things worse.
As for foreclosures, it’s no different than the dot.com era when companies that boasted hundreds of employees and market values of $50 million were bankrupt six months later. It’s a cycle, and it takes some time to get past it.
With regard to optimism, how is anybody supposed to be optimistic when we have a mainstream media that loves telling everybody every day how horrible things are.
That being said, the dollar is strengthening, there is still GDP growth (small, but there), the stock market is still strong and our banking system is strong. That’s what is meant by the fundamentals, not poll results.
Those 52 consecutive months of job growth were horrible. I totally agree.