The growth of GDP is negaive; not the GDP itself.

I like how McCain called the Heritage Center for Data Analysis an independent organization.

McCain is still droning on about cutting govt spending, just when we need a significant stimulus. In some ways, that's even worse than the past eight years. And the MSM lauds this as "responsible." No wonder people eat this crap up, even though it doesn't make sense.

Meanwhile, the AP had a story yesterday that Obama's infomerical "ignored budget realities." Every other industrialized economy out there provides health-care for all their citizens with economies that are far smaller, but somehow this is "impossible" for the U.S. The message is coming from the MSM, not right-wing nuts. Just like there is an assumption out there that social security is in "crisis" when there is no evidence of this. These are the standard memes out there.

SIGNIFICANT SHRINKAGE....

Hey the GDP can't help it, it was cold last night.
Can we call this a recession yet?

What you fail to understand is that the underlying economic philosophy is sound and that all that is needed for better execution of that philosophy!

Contrast our republican economic philosophy to that of Obama and see the difference.

Our republican economic philosophy is that the real economy is based upon the wealthy and the large corporations. Because this is what drives the economy, providing more tax breaks and wealth to the super-rich is the only true method of growing the economy. A rising tide lifts all boats.

The Obama economic philosophy is that the workers are the basis of the economy. With that misguided philosophy, decreasing the taxes of working people would be the basis of growth in the economy.

Every intelligent person should understand that the Obama philosophy is wrong and that the only problem with our economy is that the wealthy do not have enough money!

In regards to John McCain's comments:

The definition of insanity is to do the same thing over and over again while expecting a different outcome. For all our sake, I pray that the American people are not insane.

@G Powell

That's easy. Look at who buys ad time on 24 hour newise nets. Big Pharma and Insurance Cos. The newsies don't want to lose some of their biggest sponsors.

Single Payer HC would be a disaster for them.

Why anyone would find this persuasive is a mystery.

Unfortunately, I can tell you why. Having had a long series of recent conversations with relatives, I got some idea of how they thought and why they're voting for McCain, and this sort of comment would feed directly into their thought processes.

In their words, "better the devil you know than the devil you don't." We're hanging on for now, it's not too bad, we may be able to weather things reasonably well with some tightening, it's not a disaster, got our fingers crossed, etc. But Obama "scares me." He's just different. Why doesn't he scare you?

No recitation of facts makes much of a difference. Nor explanation of policies, nor appeal to reason. Yes McCain is probably Bush II, and yes Bush is bad, but Obama is ... scary. And just pointing out that Obama's policies involve change and uncertainty is enough to reinforce that opinion.

I actually got one relative to say she was "gonna vote for McCain but hope Obama wins." The rational brain is convinced, but the emotional part is still shivering in the corner with the blanket over its head.

(Now if Obama were white, things might be different...)

The conservatives I come up against re: this keep insisting we had two years control of congress and look where it got us. It's so infuriating.

Every intelligent person should understand that the Obama philosophy is wrong and that the only problem with our economy is that the wealthy do not have enough money!

Scary part? I worked with an otherwise reasonable, intelligent guy a few years ago who made this argument seriously to me one day. Positively jaw dropping!

The GOP has run massively expansionary fiscal and monetary policies over the past eight years--record debt and Greenspan interest rates. And they STILL drove the economy in the ditch. It didn't overheat and go in the ditch, it just went in the ditch. It's like they were trying to sabotage the economy.

Because low taxes are ALWAYS good.

Raise taxes one smidge and the world spins to a halt. ESPECIALLY during a recession, Keynes be damned!

I suppose it's not too late for McCain to suggest government spending a la Keynes but financed with Chinese money which we'll pay back with more loans from China which we'll pay back with more loans form China....

There's a light at the end of McCain's economic tunnel, but it ain't an exit; it's called "compound interest".

The GOP is utterly lazy. They prefer to stick with an incredulous argument rather than offer the electorate an honest persuasion.

"No, no, no, Up really is down!!!!!"

The conservatives I come up against re: this keep insisting we had two years control of congress and look where it got us. - comment at 10:32

I hope you explained the power of the filibuster and the frequency with which it has been used. In addition, Congress has very little power over the Sec Treas or SEC. Meanwhile, the housing crisis and the subsequent credit problems did not start in 2007.

Greenspan should feel the shame of his inaction

Circa 1986 I sat high up over the New York City financial area with a prominent bank's Executive VP and Director.
He said, "Where do you think we should be looking for future profits, we'd like to have of our equity 'at play.'
I was flattered that he should court my opinion. I also remember thinking, "Half your equity at play, what are you, nuts?"
The bank is no more in existence.
The thinking that taking increasing risk in order to increase bonuses brought the system down. Paying people to book trades and make risky loans without waiting for repayment or profits to be realized created a bonus atmosphere versus a profit atmosphere.
Greenspan absolutely had to fully know of these issues.
For personal or political reasons he let the GOP/big bank's horsepucky 'no regulation' mantra rule global financial markets to the gross neglect of the world's individual depositors and pension holders, both average folks and the very wealthy.
His legacy from his time at the helm is cowardice and abject failure. I hope he can feel shame; lots of it, unregulated.

Once again, the media take is that .3% is great news compared to what was expected. Nonsense. That's why they give low forcasts. It's the oldest trick on Wall Street.

That sounds remarkably like Stalin's explanation why Communism wasn't yet working: it couldn't work until the entire world had been converted to Communism. In other words, we've failed, so let's do lots more of the same till it works!

Gulp. Does this mean McCain is a Stalinist Commie?

Steve writes: cCain's argument, in effect, is if we only keep doing what Bush has done, and wait for it to start working, everything will work out fine. Indeed, we "cannot afford" to go in a different direction. Why anyone would find this persuasive is a mystery."

that would be the "if you think my ideas are bad, check out the other guy's" school of thought...

surely lots of "joe sixpacks" must find this
sh!t "persuasive!"

my rnc morning mail pooh-poohed the idea that the dems actually care about the working man...the bonus irony??? the letter was from kelsey grammer...i kid you not....

Kelsey Grammer? Well, why wouldn't you "trust a real Doctor"?

Just love the comments from the far right about Democrats not understanding that wealth creates jobs, not the workers. Yeah, in that massive redistribution of wealth from bottom up in the past, almost, eight years, so many jobs have been created, but, in foreign climes. But, hey, we do have a lot of State Lotteries for the little guy, eh?

McCain thinks that doing the same things will result in different outcomes. Normal people don't see logic in this, but McCain is a maverick, not just normal people.
And he didn't have any GDP for 5 1/2 years, if you get my drift...

Their message in a nutshell is that if you are afraid now, just wait until the scary black man takes office...

Most people don't realize that the wealthy are taking advantage of us in the midst of disaster. It's called "Disaster Capitalism" (Naomi Wolf) where they steal the treasury while the rest of us are panicking. They won't let go of that golden goose until Social Security and Medicare are dead. Believe it!