It's the economy, McCain!

[bemildred]

HONG KONG - The hurricane sweeping across financial markets gives Republican presidential candidate Senator John McCain another opportunity to show how poorly he understands the economy. More importantly, McCain again demonstrated that the only thing he takes seriously about running for president is winning.

The prospect of financial meltdown focused both campaigns on James Carville's maxim from Bill Clinton's 1992 run, "It's the economy, stupid." In response, McCain unfolded more zigzags than a Cheech and Chong routine.

Last Monday, after a weekend of failed efforts to rescue investment bank Lehman Brothers, Merrill Lynch preemptively sold itself to Bank of America, and insurance giant AIG (American International Group) teetered on the brink of insolvency, the Republican presidential nominee declared, "The fundamentals of our economy are strong."

Democratic candidate Senator Barack Obama attacked the remark, so McCain, the old navy man, came back with,"The American economy is in crisis." He added, "Too many people on Wall Street have been recklessly wagering instead of making the sound investments we expect of them. I can assure you if I'm president, we're not going to tolerate that any more."

http://www.atimes.com/atimes/Global_Economy/JI23Dj02.html