More Economic Cluelessness from the McCain Camp

clipped from www.motherjones.com Both Kevin and I have noted the absurd Washington Post essay by Donald Luskin titled "A NATION OF EXAGGERATORS: Quit Doling Out That Bad-Economy Line." It was published on Sunday morning, 12 to 24 hours before news broke that the American economy is basically in shambles, making it one of the most poorly timed pieces of punditry ever. Luskin advises John McCain on the economy! Get a load of the wisdom Luskin is providing McCain. This is from the piece: Things today just aren't that bad. Sure, there are trouble spots in the economy, as the government takeover of mortgage giants Fannie Mae and Freddie Mac, and jitters about Wall Street firm Lehman Brothers, amply demonstrate. And unemployment figures are up a bit, too. None of this, however, is cause for depression -- or exaggerated Depression comparisons

Luskin goes on:

McCain campaign adviser and former U.S. senator Phil Gramm was right in July when he said that our current state "is a mental recession." Maybe he was out of line when he added that the United States has become "a nation of whiners." But when it comes to the economy, we have surely become a nation of exaggerators.

Yup, that 500 point drop in the Dow? That's all in your head! It's psychosomatic economic hypochondria. In fact, Luskin assured us yesterday that the "crisis" (his quotes, not mine) was over.

Don't take investment advise from this man -- or his candidate.