John McCain: "The fundamentals of our economy are strong" [UPDATE: Dow drops 500 points]

The Dow is currently (10:38 am) down 459 points. Still "fundamentally strong," though, according to the McCain campaign. (a bit of black humor)

UPDATE: Josh's comment should be on the front page.

That 10,000 mark is a critical indicator for the markets psychologically. I remember the day we broke the 10,000 mark for the first time and it was trumpeted as a great harbinger of the promise of America's exceptional economic future. There's really no way to overstate these critical markers on the important indices. This is the biggest of them all and we've gone the wrong way on it.

The spreading sense of economic despair is precisely what we've been warning about for decades and lies of supply side, laffer-curve, starve the beast, deregulatory, Reaganomics have come home to roost.

The nail is in the coffin and it's time to bury the lies of the market fundies. The real question now is what will come to replace it. That's a question that Obama can answer, but which McCain simply can't.

After the death of the Reagan Revolution, his loyal foot-soldier simply doesn't have the economic grounding to make the change we need.

UPDATE #2: Classic quote by clueless McCain campaign: "It's a dangerous road, but we have no choice," a top McCain strategist told the Daily News. "If we keep talking about the economic crisis, we're going to lose." Brilliant!!!

• » Read Full Story