John McCain Is Out of Touch, Volume XVIII
Cross-posted from CtW Connect; by Jason Lefkowitz
This morning’s headlines are all screaming about what the Wall Street Journal calls a “Crisis on Wall Street”:
The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. filed for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp...
The damage on Wall Street is the latest consequence of a storm that began last year with the sharp decline in American housing prices and losses on loans and other assets tied to home values. Massive capital infusions have failed to stem write-offs and losses, and financial firms are running out of options to escape the damage.
But even as these headlines were hitting the streets, John McCain was telling audiences that “the fundamentals of our economy are strong.”
