Well, fast-forward six months and listen to what President Obama and his administration are now saying.
On Thursday, the president said the national crisis is "not as bad as we think" and said his plans will speed recovery.Considering that Senator McCain was commenting on a market in which the Dow Jones Industrials hadn't closed below 10,000 points in nearly four years (26 October 2004), this seems a bit duplicitous. Since the inauguration, and very likely in reaction to President Obama's proposed economic solutions, we have seen the DJIA fall to 12-year lows, and at the end of his eighth week as president, the DJIA has lost over 1,050 points. McCain made his comments in regards to a market that was continuing to plug along, as opposed to the Obama administration's comments in regards to a market in which the DJIA has dropped 2,400 points since his election.
Obama confronted misgivings, even in his own party, about his proposals during an address to top executives of the Business Roundtable.
The president said Americans shouldn't be whipsawed by bursts of either bad or good news, and that he's "highly optimistic" about the long term.
But on Sunday, that optimistic message came from economic adviser Christina Romer. When asked during an appearance on NBC's "Meet the Press" if the fundamentals of the economy were sound, she replied: "Of course they are sound."
"The fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology," she said. "We know that -- that temporarily we're in a mess, right? We've seen huge job loss, we've seen very large falls in GDP. So certainly in the short run we're in a -- in a bad situation."
With that in mind, President Obama, were you lying to us then, or are you lying to us now?
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