September 16th, 2008
08:05 AM ET
14 years ago

McCain still backing away from 'strong fundamentals' statement

[cnn-photo-caption image= caption="McCain appeared on CNN's American Morning Tuesday."](CNN) - Republican presidential candidate Sen. John McCain continued to back away from his assertion that the "the fundamentals of our economy are strong" during a CNN interview Tuesday.

Watch McCain on American Morning

On Monday, after taking heat from Sen. Barack Obama's campaign for his earlier statement, McCain adjusted his language to say the American worker was the strength of the economy.

Watch: McCain's economy comment hammered

On Tuesday, McCain said the U.S. economy will rebound with the help of the American worker, which he called "the fundamental strength" of the U.S. economy.

The problems with the American economy are the result of rampant government spending and poor government checks on corporations, McCain said.

"I'll restrain spending. That's the reason our economy is in trouble today," McCain said.

McCain also said the U.S. is "the victim of greed, excess and corruption on Wall Street," and the senator said he foresaw the crises with Fannie Mae and Freddie Mac two years ago.

"The Fannie and Freddie thing was a very serious problem and we had to work on it," McCain recalled saying then.

The regulatory agencies charged with monitoring Wall Street, which he called outdated, have been "asleep at the switch the last few years." Those agencies should evolve to the global economy, he said.

"We have to fix this alphabet soup of regulatory agencies that's left over from the 1930s," he said.

Asked if Obama's economic plan did more for the middle class than his own, McCain flatly said no. He also said one of the greatest hindrances to the middle class is its inability to get "affordable and available" health care.

Filed under: John McCain
soundoff (300 Responses)
  1. Tracy

    He can back away all he wants but come November it is this comment that people will be citing when explaining his loss. Very few people in America will be able to forget this horrible remark.

    And no, my Republican bloggers, I am NOT whining. I happen to live in the real world and am experiencing real world problems like the other 95% of the population.

    September 16, 2008 09:07 am at 9:07 am |
  2. Michael, watching from Canada

    What happened to the "straight talk" express?

    So McCain should not insult the voters by saying "the fundamentals of the economy are strong" and then try to redefine a statement that is so obvious in its meaning!!

    Twist the truth......anything to get much for integrity.

    September 16, 2008 09:07 am at 9:07 am |
  3. Muz

    lets see if the american people are stupid enough to fall for that one

    September 16, 2008 09:07 am at 9:07 am |
  4. Joe ' Bama

    Dems, add this to your talking points. Repeat it loud. Repeat it long. MCCAIN IS A LIAR. No matter what, no matter who...MCCAIN IS A LIAR. McCain said this.... Reply: MCCAIN IS A LIAR. This should be the new tag line for Democrats.

    September 16, 2008 09:07 am at 9:07 am |
  5. bill for barack

    Why does McLiar always have to run from his own words ?
    Is it because he wouldn't know the truth if it hit him over the head with a 2 X 4 ?????

    September 16, 2008 09:08 am at 9:08 am |
  6. Matt

    The real question is, will he back off all the other pucky he's been shoveling...

    September 16, 2008 09:08 am at 9:08 am |
  7. Trish

    Quote: "the U.S. economy will rebound with the help of the American worker, which he called "the fundamental strength" of the U.S. economy." Where is this man's mind??? The American Worker the fundamental Strength of the US economy? WHERE ARE THE JOBS FOR THE AMERICAN WORKERS JOHN? And just how are you going to create jobs in the current RECESSION brought on by your PARTY'S Egregious Mismanagement and Abundant Charity to the Iraq Government! And might I add, an abundant charity whilst Americans suffered through depression with not ONE Government Program to Aid Americans through these disastrous eight years of economic disaster! OH WHY AM I bothering to waste my valuable time – this party is BRAIN DEAD and needs to GO NOW!

    September 16, 2008 09:08 am at 9:08 am |
  8. ully

    i trust to mc cain,he is honest,humble and hero !!

    September 16, 2008 09:10 am at 9:10 am |
  9. ANGIE

    No turning back now Mr flip flopper i find it amazing someone would want to vote for a man who admits he doesnt understand the economy. thinks our economy is still strong when we are in the middle of a wall street melt down wants, to continue the same failed policies that has led us to this mess all because some refuse to vote for a black man and you know its true SAD VERY SAD so lets go down the road to hell with mccain and the republicans because barack obama is not all white TRULY AMAZING!

    September 16, 2008 09:10 am at 9:10 am |
  10. Ron from Baltimore

    A monstrous problem for McCain is that it was his most recent (and future?) economic adviser, Phil Graham, who authored the deregulation of Wall Street. The deregulation policies are indeed the "economic fundamentals" of today, the same ones McCain now claims are "sound."

    Graham who said Americans (or maybe he was only referring to a select few thousand economic elitists?) were economic whiners, that they had a mental recession problem.

    For Sen. McCain, that was and apparently is where your wellspring o economic advice originated and still originates. Trickle down. "Voodoo economics," a famous presidential father once called it (you remember, right? Bush 41 used it to describe trickle-down econ as voodoo econ?).

    September 16, 2008 09:11 am at 9:11 am |
  11. Michigan Voter

    This man is a joke!
    First while in Jacksonville on Monday he says (again) that the economy is strong. I guess since McCain does not use a computer he missed the news about Washington Mutual, AIG, Lehman Bros and Merril Lynch. Yeah those companies are realy strong!
    Then later that day in Orlando, after he was told his comments were stupid, he flip-flopped and said, no no it the people that are strong.
    Wake up America, this man is nuts. And what the heck is he looking at on the floor all the time. Eye Contact tells you a lot about someone. He cannot relate to the everyday man and is not in this for the everyday man.
    He also said that Washington was asleep. Hasn't he been a part of Washington for the past 26 years? Sounds like he has been asleep.

    September 16, 2008 09:11 am at 9:11 am |
  12. brian

    If he foresaw about Fannie and Freddie two years ago why didn't he do anything? He was a senator, he had the power to do something he knew was wrong yet he didn't. now he's all about change when its convenient for him......

    September 16, 2008 09:11 am at 9:11 am |
  13. Concerned Voter

    McCain has backed away from almost every stupid statement he's ever made. He has also tried to flip-flop and all of sudden become the change agent...stupid. He's so wishy-washy and clearly desperate to win office. I would not even hire McCain to work for my company, let alone run the country. He really is out of touch...doesn't he need to be in a nursing home or something? For crying out loud, he doesn't even know how many houses he owns. I guess if that was my biggest problem, I would think the fundamentals of our economy are strong, too...BUT I'm just a small business owner trying to make ends meet...McCain KNOWS NOTHING about that! Hillary said it best: NO WAY! NO HOW! NO MCCAIN! AND FOR THE LOVE OF GOD – NO PALIN!

    September 16, 2008 09:11 am at 9:11 am |
  14. proud army and navy mom

    I love it when Obama asks mccain, "what economy are you talking about, when mcsenile says that the economy is sound.

    The old man and his pitbull needs to stop lying and denying.

    September 16, 2008 09:12 am at 9:12 am |
  15. America the Stupid

    The true McSame came out, HE HAS NO CLUE PEOPLE!!

    Then his staff hears this, probably shakes their head and pulls him aside later in the day to alert the idiot of his screw up.

    I bet McShame then asks what he should say next, which they had a meeting about it and probably came up with blame Obama.

    Man, America's are stupid to lap this crap up!! They are playing you for fools!! Wake up and be AMERICAN once in your life and vote to stop our country from falling apart. No more EMPIRE!



    September 16, 2008 09:13 am at 9:13 am |
  16. John, PA

    He just don't get it. smh!

    September 16, 2008 09:13 am at 9:13 am |
  17. Bellamy

    "I'll restrain spending. That's the reason our economy is in trouble today," McCain said.

    you mean like the 10billion a month in Iraq war spending you think so highly of there John?

    and what's this with the VP nominee "refusing to cooperate" with the elected legislature and their investigation in her own state? For regular folks, if we do that we go to jail on contempt charges. She thinks she can flount the law in her own state and she will no doubt try it in Washington (if by some disaster we are actually stupid enough to send her there)

    Wonder where she got the idea that ignoring investigations by the elected legislative branch was acceptable or tolerated? oops... GW Bush perhaps..... Rove, Gonzalez, Myers, Cheney etc.... Wonder if McCain considers that "working across the aisle for bipartisanship"....

    I call it something we don't need to see anymore of after the last 8 years of the GW Bush refusing to obey the law and elected lawmakers of this nation. We don't need more of the same so lets send McCain and Palin home to Arizona and Alaska and put Barack Obama and Joe Biden in the White House so we will have an executive branch that is willing to be accountable to the people who elected them.

    September 16, 2008 09:13 am at 9:13 am |
  18. Poor Comsumer S.C.

    Flip Flop....Flip Flop....
    Only a fool can't see the truth through the smoke
    and there's plenty in the air these days

    September 16, 2008 09:14 am at 9:14 am |
  19. Rudy NYC

    John McCain would rather win an election than tell the truth.

    September 16, 2008 09:15 am at 9:15 am |

    ON.....MY....BIKE.....BACK.....PEDDLING......DOESN'T.......GET.......YOU.....ANY WHERE.

    September 16, 2008 09:15 am at 9:15 am |
  21. Not a fan of the 'Cuda

    McCain is "always against regulation" as late as 2007, has an econ plan written by Phil Gramm, Dr. Deregulation, and has a Creationist side-kick for VP, and has the chutzpah to say he wants agencies to "evolve" to meet new challenges? How – by going extinct?

    September 16, 2008 09:15 am at 9:15 am |
  22. mayah

    flip, flopper, STUCK ON CLUELESS..

    September 16, 2008 09:15 am at 9:15 am |
  23. Undecided

    If I were McCain, I would be making commercials and making statements to the effect that He crossed the asile many times against Republican wishes to work on and with legislation under President Clinton and thats what got that economic mess cleared up and the prosperity that it brought to all economic levels of the American People after the 1st Bush administration that would show bi-partisan abilities and then emphasis on Obama's 100% Democratic Liberal voting record nothing like bi-partisian track record.

    September 16, 2008 09:15 am at 9:15 am |
  24. Zia

    You put him right in the corner so a little more effort and he will give in and this is his fate – incompetant and does not understand economics!

    September 16, 2008 09:15 am at 9:15 am |
  25. Republican NOT voting for McCain/Palin

    McCain is lost and his VP is a dictator. The American People don't need either one.

    Obama/Biden for real change for America in these troubling times.

    September 16, 2008 09:15 am at 9:15 am |
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