Wonkette
John McCain said, today, that the “fundamentals of our economy are strong.” He doesn’t even know what this is supposed to mean, of course, because all he knows about the economy is that the Navy gives you money and benefits and the Senate gives you money and benefits and Social Security gives you money and benefits and your Beer Heiress wife buys your seven castles and private jet. But what did the markets have to say? Uh, how about a 504-point drop in the Dow and a 4.7% plunge in the S&P?
- “A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday, with the Dow Jones industrials sliding 500 points in their worst point drop since the September 2001 terrorist attacks.” [AP]
- “U.S. stocks tumbled, pushing the Standard & Poor’s 500 Index to the steepest drop since the September 2001 terrorist attacks, as Lehman Brothers Holdings Inc.’s bankruptcy and declining commodities increased speculation that credit-market losses and the economic slowdown will worsen.” [Bloomberg]
- “After more than six months in triple-digit territory, oil prices dropped sharply on Monday, falling under the symbolic $100-a-barrel threshold as financial woes raised concerns about a slowing economy and slackening oil demand.” [New York Times]
- “It was the biggest one-day point decline for the Dow since Sept. 17, 2001, when the market reopened for trading after having been closed in the aftermath of 9/11 terrorist attacks.” [CNN Money]
- Oh and some kind of creepy Catholic (?) pizza-money group caused the entire collapse and some internut predicted this would all happen today, or something. Creepy! [Gawker]
The “fundamentals are strong” is repub code for “I’m rich and your fucked.”
Well, what’s the point of the ekonomies when you’ve got $100m in the bank & recessions = more beer profits. Only Cindy Hershey will be better off + she’s 20 years younger than Cindy Busch.
Two words: Golden. Parachute.
Is Walnuts wearing a Bolo tie in that photo or is that some kind of life-giving anti-melanomia 10-gallon hat
Oil’s down. That’s good. But WALNUTS’ daughter drives a Prius and they took WALNUTS’ license away because he can’t even type very long or whatever.
…how are pork bellies and cosmetics doing?
Idiot.
He’ll probably go up five more points in the poll for having a sunny outlook. We’re doomed.
I sense some more ads on the economy coming from the Obama campaign… 3…2…1…
I guess they were all out in the lobby on their phones with their stockbrokers?
http://www.huffingtonpost.com/2008/09/15/mccains-crowd-numbers-plu_n_126490.html
The stockmarket made me shit myself today. But the fundamentals of my underpants are still strong.
I believe he meant to say, “The FUNDAMENTALISTS of the economy are strong”, because the fundies keep sending money to the TV preachers so that God will protect them from abortions, gays, AIDS, black people, Hispanics and (horror of horrors) LIBERALS!!!
Did he say fundamentals or fundamentalists?
hockeymom: They’re fucked. Chuhhh-rust me.
You can’t talk about the fundamentals being strong while the very basis of the system is coming apart at the seams.
It has a three-pronged problem. It either sounds like they’re lying, they’re ‘out of touch’, or this is the system they’d like to see continue under his regime.
They. Is. Fucked.
“…oil prices dropped sharply on Monday”.
How many days until the Dick & Bush Administration puts a zillion to rescue the agonizing oil industry?
Ahh, the republican economic fundamentals. The Chinese will still loan us money. Our economy must be strong!
Wow, it’s like the attacks of 9/11 without all the clutter. The Saudis should have put Greenspan and the Bushies on the payroll ages ago…
If Hopey doesn’t release an ad that literally says exactly this, “On the same day that our economy pretty much officially tanked, Old Man Grumps said that the fundamentals of our economy were strong, AGAIN, while you and your family headed out to find the nearest breadline” then I’m gonna ask him for my $50 back.
btwbfdimho: Or bomb Iran.
If he truly believes the fundamentals are strong, I’ve got a bridge to-and-from nowhere to sell him.
…our economy is a farce! Its the equivalent of a poor person pawning off all their stuff just to give the perception that they are rich. All of this so called GDP growth is coming from China buying us out.
So, I would put money on the next McCain ad saying, “If the economy’s so bad, whiners, then why did Obama raise more money in August than any presidential candidate ever? Losers…”
Bush’s final legacy will be a ruinous oil glut, where the price dips below 30 cents a barrel.
What are the economics of crashing aircraft?
Hey, doubters and haters…
McCain/Palin will appoint Carly Fiorina to be Secretary of the Treasury and she’ll fix the economy the way she fixed Lucent and HP.
http://kumquatcomputer.com/fidora.htm
No, no, no… You misunderstood what Johnny-Mac said!
What he REALLY said was:
“The FundamentalISTS of our economy are strong”
Ever working hard to shore up his stock with the right-wingers (without Palin by his side, he’s gotta kiss up to them even more)
ALL ABOARD THE FAILBOAT!
http://lolfed.com/wp-content/lehmanfailboat.jpg
Johnny Zhivago: Too bad we don’t do titles to president’s names, ’cause he could go down as ‘Bush the Destroyer’.
Most think that the pope is the head of the worldwide catholic pizza conspiracy to take over the world, but that is all a cover story for the real mastermind behind it all:
http://www.youtube.com/watch?v=NzE44TGYpCY&feature=related
Johnny Zhivago: Oh sweet Jesus. Fiorina isn’t even qualified to smile outside.
If the US elects this mean old fuck, it deserves everything it gets. I’m sorry, we are so fucked!
grendel: From Biden via TPM
…I could walk from here to Lansing, and I wouldn’t run into a single person who thought our economy was doing well, unless I ran into John McCain. …
stew: We could have a Designated Apologist follow President WALNUTS around and read a ’standard disclaimer’ before he says anything.
AngryBlakGuy: STOP WORRYING!!!
Secretary of Commerce Meg Whitman will put what’s left of our nuclear weapons stockpile, national parks and the Tennessee Valley Authority on Ebay. That should fetch a tidy sum!
Secretary of State Chuck Norris will brow beat China into extending those loans.
And Secretary of Transportation Dale Earnhardt will finally shut down Amtrak and our unsafe commuter rail networks and offer low cost Hummers to every American who still has a job.
Viva la Cynthia: I’d like to see an ad more like this:
scene: a running herd of caribou, as seen from a helicopter
voiceover: “The majestic caribou. Lead by the strongest, the smartest, the most fit. It’s the Alaskan way.”
the scene pans to the back of the heard to reveal a pack of wolves in pursuit of the caribou.
voiceover: In troubled times, with the wolves of economic troubles and global terrorism nipping at our heels, don’t we want the smart, the strong, the fit to lead us?”
Scene ends with an old bull caribou being taken down by the pack and ravaged, with two sets of transparent headlines over the scene……one saying “McCain: Our Economy is Strong”, the other “The Dow Drops 500 points in one day.”
Final voiceover: ” John McCain, always running a half a step behind.”
In these uncertain economic times, I plan on making a large investment in pharmaceuticals. Now, if only could find that dude’s beeper number.
btwbfdimho: He meant to say,”The Mental Fundies are strong.”
And as usual, he is very wrong. Probably lying, too.
Johnny Zhivago: Gotta go get me some megatonnage. Better ‘n Black Cats and sparklers!
Hey, listen Ole Johnny McC learned to say that from a master. Herbert Hoover said just that all through the depression, during his presidency and after.
So, is McCain waiting until tomorrow before announcing his “privatize social security” policy? It’s odd how nobody mentions that idea much anymore…
Matthews is badgering a senior Mccain policy adviser (Nancy Pfotenhauer?) on this issue tonight. For some reason she won’t reveal who she voted for in 2004, she can’t justify the “fundamentals” comment, and now he’s just shouting at her that she’s a Republican shill who keeps whining about the democrats wanting to tax us without saying what WALNUTS will do to solve our “mental” recession.
Fuck that. Anyone seen the price of arugula at Whole Foods lately?
I know, I know… low-hanging arugula…it’s been a rough day- cut me some slack.
http://embeds.blogs.foxnews.com/2008/09/15/palin-addresses-wall-street-financial-crisis/
—- [Palin] blamed the government and Wall Street for today’s financial turmoil, “Guys and gals, our regulatory system is outdated and needs a complete overhaul. Washington has ignored this. Washington has been asleep at the switch and ineffective and management on Wall Street has not run these institutions responsibly and has put companies and markets at risk,” Palin told the cheering crowd, “They place their own interests first instead of their employees and the shareholders who actually own these companies.”
“And always keep fresh batteries on hand in case of an emergency,” —-
******************
Guys, gals, it’s a wonder she didn’t also blame Saddam Hussein.
BTW: When was the last time Repubs gave a flying fuck about employees?
Johnny Zhivago: Dale Earnhardt Senior or Junior?
iwillsavethispatient: My idea of private social security now involves a coffee can and a shovel. Oh yes and a shotgun and ski mask.
Kev-O-Tron: Never mind arugula, have you seen the cost of lemons? I’m having to put washing-up liquid in my gin and tonics!
McCain/Palin can’t wait to sail this titanic Ship Of State full speed ahead into an economic iceberg. And as always, there will only be enough lifeboats for the wealthy.
Lehman Bros., survived the Civil War, the crash of the 1890s, the Great Depression, but didn’t survive the Bush Administration.
S.Luggo: Well if you can’t trust McCain, who’s been for deregulation right before every single financial crisis that happened during his Senate tenure, and Sarah Palin, who can see the economy from her house, to tighten regulations on Wall Street, then you can’t trust anyone to.
Certainly not that guy they’re always criticizing because he’s for Big Goverment and More Regulation.
Johnny Zhivago: RE: Meg Whitman: read that Ebay’s pretty good to the gays. You know–thinks they should have rights & shit, so Pres. McPalin ain’t gonna hire her to do anything.
Has Chuckles Norris gotten over his non-sexual man crush on Huckleberry?
And Dale Earnhardt is dead; he does have a boy, but I read he was a Hillary supporter. But skin pigments can make normal, level headed NASCAR guys (oxymoron?) do stoopid things.
problemwithcaring: “The Saudis should have put Greenspan and the Bushies on the payroll ages ago…The Saudis should have put Greenspan and the Bushies on the payroll ages ago…” Oh, they did, even before Bush II was elected. Why do you think we saved their bacon (he he) in the First Persian Gulf War?
The Cold Sea: There’s nothing to add to this. Pure gold.
Mayor Bloomberg thinks all the pink-slippers can get jobs in delis downtown. I’m thinking more like downtown Delhi.
Presumably Cindy McCain is worth a little–say $10 million or so–less tonight that she was this morning. If I were her, I would hide someplace until the market recovers.
WadISay: she has 7-10 houses from which to choose.
Gopherit v2.0: “I’m bitchincamaro, and I strongly approve of your message.”
facehead:
The “fundamentals are strong”, but we’re in “economic crisis”. This is a chance to construct some SAT analogies.
A. Your health is sound, but:
1. You have leprosy, beri-beri and are legally blind.
2. I lost my medical license 8 years ago. Now bend over.
3. I left a retractor, three lap spounges and half a pastrami-on-rye inside you.
4. Can I compose your eulogy?
Texan Bulldoggette: The McCain campaign should hire me to do it’s Vetting - I only picked one dead guy.
S.Luggo: Either one will do. I mean do you really have to be breathing to be in McCain’s cabinet?
See what happens when everybody wants a house?
iwillsavethispatient: Lysol is so much cheaper than gin.
I think he actually meant ‘the fundamentalists’ are strong - how else to explain Governor Palin? Jesus is a recession-proof industry.
AngryBlakGuy: i don’t see loquacious around and you seem to explain things just as well…..
I’m jane winebox , got a cool apartment, blue collar job seems pretty stable, car note is up to date, got health care, the guys tell me my 401k(fidelity) goes up and down anyway, got no kids but can afford to place nephew in pee wee football, generally life’s been good to me so far….
If I don’t watch TV, I’m relatively stress free…
Why do I care about Wall Street???
McCain: Breadlines You Can Believe In!
ATTENTION: This statement by Sen. John McCain has been widely misquoted in the mainstream press:
When McCain said what appeared to be “our economy” in today’s statement, he actually said “R.E. Conomey”. It turns out that McCain was referring to Rudolph Ellis ’R. E.’ Conomey, a historical, but little-known basketball (BAA) pro player on the New York Knickerbockers who played during the late 1940’s. He thought the press’s question regarding the sorry state of the nation’s economy in September 2008 was actually an inquiry from sports commentators regarding Conomey; specifically with regard to his performance on the court during a 1948 Baltimore Bullets v. Knickerbockers game.
The rest of McCain’s statement, widely unreported, is as follows:
JM: “The fundamentals of R. E. Conomey are strong.”
Press: “Sir, how can you say that; there was a 500 point loss from the DOW today!”
JM: “You can say what you like about Dowd (James Franklin Dowd, Knickerbocker center from 1945-49, d. 1956), and, honestly, I think 500 points is a bit of an exaggeration! But make no mistake, R. E. Conomey will REBOUND strong!
Press: “Why are you confident in this?”
JM: Because the Globetrotters are a bunch of giggle water suckin’ drugstore cowboys who don’t have the fundamentals of R. E. Conomey!
Press: *Shocked silence*
lilblackcorvette: The people who pay you for doing your blue-collar job are about to have no money to pay you with.
“Economic fundamentals are strong”
Translation: “Beer is recession-proof”
lilblackcorvette: “Why do I care about Wall Street???”
More to the point, why do you care about anyone? It ain’t your problem.
Palin is right about the need for a regulatory overhaul. Probs about the batteries too. Of course she didn’t mention the time to diffuse a bomb is prior to it’s exploding in your face. Isn’t it the Republican party that hates regulation?
S.Luggo: WTF “They place their own interests first instead of their employees and the shareholders who actually own these companies.” ???
what the hell does that mean? If the shareholders put a management in place that concocts financial instruments that are destructive to world financial markets, destroying savings and equity exactly _what_ should the government be doing to help them? I thought the firms were supposed to be looking out for their shareholders and employees. The gov’t is trying to stabilize a deteriorating financial situation. that these companies brought on. Of course, we can always hope some of the higher management got rich in the process — so some good comes from this.
Buddy, can you spare some bacon - and a little lipstick?
InsidiousTuna: my company has been through a lot and we’re owned by a very large international conglomerate. euro-wise, the stock value is up everytime i check our intranet. In fact I work two jobs for shit and giggles. Hell, I even got my buddy a great job that he loves. Why do I care if some greedy fat cats made out on Wall Street
things are so bad that i receioved a coupon at the checkout counter at giant for one free bank. good for one week provided i get a suit and tie and buy a bag of nacho chips.
WIDTAP: actually, you probably wouldn’t relate to why I care about anyone.Just accept the fact that I do care . Iam just asking what everyday people are asking. What’s the big deal? Exactly what is that is not my problem?
they say history repeats itself. not true, to date bush has not ordered the shooting of returning veterans (when they wanted benefits) as hoover did. see.
Let us not forget that Jamakane has vast experience with financial markets: The Keating Five. McCain stood by and did nothing while the regulatory environment encouraged this kind of speculation and the “Reagan Revolution” that made everyone responsible for their own retirement, meaning they were investing in things they didn’t understand — through both their 401k and other random stock purchases. That, coupled with “deregulation” that came after the last S&L crisis, allowed banks, insurance companies, KFC, whoever, to buy, merge and kill whatever they wanted, all in the name of “a robust economy”. After years in the oil patch, I can tell you: what goes up, must come down. Somewhere, somehow it all falls on the taxpayer to bail things out because, well, we can’t let all this good ol’ Republican risk punish shareholders now, can we? Shocked, shocked to discover that CEOs and others will get a truckload of money to simply leave…
How can someone say the economy is not strong? I just read that the wife of a snowmobile racer can afford a tanning bed for her home in Alaska.
I want to see what liberull arguments are used to counter that!!
njdon: Genius. Funny.
iwillsavethispatient: They use lime here. Can’t get a decent G&T with lemon at the local. Uncivilized.
I’m glad at least oil prices are dropping, because now I can afford to hop in my car and drive the fuck out of this country.
shoeho: I prefer lime. I didn’t realize people made them with lemon.
Meanwhile, down here at Hurricane Ike, we await the arrival of the traveling media circus with HRH GW Bush. We suspect that Hopey and Walnuts will trail behind…”yes, yes, the storm was awful, what’s your story my poor man…buck up. The fundamentals of the economy are strong. Sorry you can’t find ice and water…you are loved…g’bye.”
http://agonist.org/schecter/wp-content/uploads/2008/03/mccainhoover.jpg
Thank Jeebus for the fundamentalists and the Jewish right wing Wall Street cabal!!
InsidiousTuna: wait until the wheelbarrow you use to carry a load of money to the store to buy a box of wine is worth more than the paper mound of money in that wheel barrow.
Keep printing that money, boys, and we will have hyper-inflation.
What if the economy did collapse … would the fundies wise up and realize that their republican buddies have assfucked the economy (with no lube)? Or would they claim that it collapsed because of Roe v. Wade?
njdon: Well technically Bush didn’t shoot them ala hoover, he just re-deployed them and hoped that Al-Q would do him a favor….
it was either that or turn Dick Cheney and his trusty shotgun on them, but tricky-Dick is just too poor a shot to trust with such an important task.
Well, actually, I just realized that for Johnny-Mac, the economy IS fundamentally strong!!
Think about it…. you lose your house, job, life-saving, retirement, et al… what do most good Americans do in the face of such a crisis???
GET DRUNK!
And when your wife owns a beer distributorship….
lilblackcorvette: well, the EU is going to be hit hard by this too. These American companies trade on the global market.
I would ask your company to be transfered to the EU if you happen to get sick though. Because your ‘health insurance’ in the US may find a way to deny your claim/make you pay for 80%, /bullshit you until you die from denial of treatment. Or all of the above.
qwerty42:
” I thought the firms were supposed to be looking out for their shareholders and employees. The gov’t is trying to stabilize a deteriorating financial situation. that these companies brought on.”
Umm…I remember when the fed had interest rates at 1/2 a percent. I wonder if giving away money to Wall Street banks and brokerage firms may have encouraged them in some small way. Maybe they decided to make loans that were less than appropriate and create crazy financial instruments because it allowed them an opportunity to put capital to work. Since the capital was basically free, why not? Naw, I’m sure you’re right. Government had nothing at all to do with this.
facehead: No. Teh gayz…
Bush/McCain are are to the economy what Al Qaieda was to the World Trade Center
Complete and utter destruction
“Maybe you haven’t been keepin’ up on current events, pal, but we just got our asses kicked!”
-Bill Paxton as PFC Hudson
On the other hand, that hat he’s wearing is darling.
This is great. McCain said, “the fundamentals are strong.”
Obama skewered him for saying so.
Then, McCain said he meant that “American workers” are the fundamentals he meant, and said that Obama thinks American workers have let the economy down.
Ummm…
Errr…
Yeah.
Ken, over a year ago, as our Celtic Tiger economy started to fall apart over here, we had economists saying that “the fundamentals are still strong”. That turned out to be bullshit, and I don’t think anyone can get away with it now over here. That blather ceased about three to four months ago, not least because nobody could provide a convincing definition of the fundamentals.
The latest mantra we get is that “the markets are undergoing a necessary correction, which will in time lead to an upturn”. Ha ha. And I am Chauncey Gardiner.
Basically, we are all doomed, unless we move to China, or maybe Mars.
That’s what they say about the WNBA.
njdon: No shooting of Vets, but true to Neocon philosophy, the Bush Admin has put an emphasis on personal responsibility and non-reliance on soul-sucking government support. To be unshackled from the state, one must be free to treat one’s own PTSD. (See: “Let Them Eat Cake, a Post-FDR-Socialism Solution to Economic Disruption” by Milton Friedman. [American Enterprise Institute Press])