"The issue of economics is not something I've understood as well as I should"
by I'm John Sidney McSame III and I approve
Time to review McCain's poor judgment on the economy
As McCain is forced into talking about the Republican economy that he helped create, it's time to look back at what he said in the past including what he failed to say even last week. By August of 2007 - just over one year ago - the Dow had already lost 1,000 points in one month as British lender Northern Rock sent the first big shock to the market. Northern Rock was nationalized after a run on the bank and everyone who was paying attention was introduced to the downside of subprime lending. They were a casualty of the subprime lending crisis when banks stopped lending to other banks. Even putting aside the McCain-Phil Gramm connections to the subprime lending crisis, it's hard to imagine that someone running for President of the United States would not notice the impending crisis coming to Wall Street. You would think that any serious candidate would quickly bring themselves up to speed on this issue, unless they didn't see it as a problem.