The Daily Background
| How’s that for fundementals of our economy?
Filed at 10:40 pm, Monday September 29th 2008
by Arlen Parsa
by Arlen Parsa
The Stock Market is now lower than it was at the start of the Bush Administration, in the largest single-day plunge for more than a decade. This, amidst the largest government bailout plan in history.
John McCain’s recent inane proclamation that “The fundamentals of our economy are still strong” will go down in infamy as the financial equivalent to Bush’s dead-wrong 2003 announcement of “Mission accomplished.”
The Obama campaign needs to put out an ad stringing together all the video clips of instances where McCain said Iraq would be a cakewalk, that the Bush economy is strong, etc etc etc.
The Modern Day Bailout…
In case you are wondering, the avatar for Progressive Economics is John Kenneth Galbraith. Two of his books are especially relevant considering recent financial turmoil: The Great Crash, 1929 describes the famous Wall Street melt down of stock prices …
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