Yesterday, Barack Obama hit John McCain hard for saying that the fundamentals of this economy are strong (See Full Story). Conversely, that means that Barack Obama must believe that the fundamentals of this economy are weak. After all, doom and gloom is the hallmark of any Democrat's campaign.
If what Barack Obama implied was actually true, I guarantee you that we wouldn't have had any growth in the last quarter or the historically low unemployment rate of 6.1 percent that was just reported. There is liquidity our the banking system which can still provide funding to qualified borrowers. Inflation, other than energy, is not runaway. Given the collapse of the housing and the credit markets and the extremely high prices for automobile and home heating fuels, this country should be in a complete recession or even in a depression. But, it isn't. It isn't because the fundamentals of this economy like unemployment, interest rates, consumer activity, and liquidity are very strong. John McCain is right.
John McCain is also right by not causing fear or panic in the midst of a troubling economic situation that is affecting our banks and our credit firms. Instead, we have Barack Obama who wants to scare the pants off you for a few votes. He would have you completely frightened so you run out and pull all your money out of our banks and banking system. Which, in turn, and if widespread enough, could cause our entire banking system to collapse. Just look at the failed IndyMac bank in California and how that may have been caused by comments made by another Democrat, Senator Chuck Schumer (See Full Story). In an election year, Schumer did what he did for purely political reasons in order to attack Bush and McCain and bolster Obama.
Obama would also frighten you into not spending any money so that our entire economy seizes and so that our nation's businesses start losing sales and profits. Is this the "hope" that Barack Obama is trying to sell?
Barack Obama is being irresponsible in trying to completely downplay our economy so he can win the Fall election. He has a responsibility to this country to try and maintain calm in this economy by showing some semblance of confidence. Instead, he's the guy screaming fire in movie theater. If he were the President, right now, do you really think he should be telling the people of this country to cower in the corner because our economy is fundamentally unsound? I don't think so! Anyway, I would hope not! That would be totally irresponsible and could have serious consequences by creating a psychologically developed panic and a complete economic disaster.
This man, Barack Obama, is not ready to lead!