by Henry Oliner
About a week after John McCain announced the the fundamentals of our economy to be strong, the Dow dropped like a rock and we encountered the worst credit and financial crisis in half a century. Obama used it effectively against him.
While most consider the turn of events to have proved McCain wrong, to me it proved him right.
IN SPITE of the financial meltdown, we still got up and showered, shaved, filled up the car with gas (much cheaper gas) and went to work (well at least the 93.5% who had a job), went home and otherwise went about our day as we had the week before.
There was still no shortage of gas, the grocery store shelves were well stocked with fresh produce, the lights still came on, the internet still worked, and 400 cable TV station still came into our homes with no interruption. The mail was still delivered on time, the paychecks still cleared, the local banks remained open, and we could still get a flat tire fixed quickly. There were no riots in the street, no revolution, no breadlines. The election went forth as scheduled.
The soundness of an economy is most evident when it faces a crisis. We showed this on 9/11 and we are showing it again in this financial crisis. We may disagree on how the institutions should respond, and we may be unhappy with the causes and the situation, but McCain was right; the fundamentals of the economy are sound.
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