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The regulatory agencies charged with monitoring Wall Street, which he called outdated, have been "asleep at the switch the last few years."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. JDM

    Mcain seems to prove the point against himself. GOV spending ( war)and less regulations did this. Cheaper over seas labor- tax breaks for the same company that use the cheap labor- lower triaff for the product to come back here in bulk-sell the product to the same person you fire at a higher cost.
    Eco 101, Nothing from nothing leaves nothing!

    September 16, 2008 09:45 am at 9:45 am |
  2. Andy - Atlanta, GA

    PALINODE: A formal statement of retraction.


    September 16, 2008 09:46 am at 9:46 am |
  3. james

    " The American worker is the strength of our economy." ( unquote) The American workers here are losing their jobs by the thousands !!!?? That`s our strength ?????? That doesn`t make sense !!!! How many times have you delt with someone in another country via phone ??????

    September 16, 2008 09:46 am at 9:46 am |
  4. Irma in North Carolina

    John to bad you lost it by saying that, the american people arent going to believe what you say. God will perform another task as Sarah said he did for the Iraq war. His task now will be to take you and Sarah out of this election. America dont need the likes of you two.

    September 16, 2008 09:46 am at 9:46 am |
  5. Jerry

    John McCain –

    "Please ignore the fact that I was part of the ruling party that created and oversaw this mess. Please ignore the fact that I and my party laid the foundations for this crisis by removing market regulations.

    Please ignore all that and believe that I am going to change everything by appointing my lobbyist friends and former Bush administrtion officials to key posts."

    As Obama said – If you believe that, I have a bridge in Alaska you might be interested in.

    September 16, 2008 09:46 am at 9:46 am |
  6. Walt

    You know thsi would almost be funny, but for the fact that there are many millions that support this man. Wall Street crumbles. The housing market crumbles. Unemployment rises, and he says things are fundamentally sound.

    Do we need a Depression and the Stock Market to completely crash before the republicans and their ardent supporters realize that the last thing in the world we need is a republican in the white house?

    September 16, 2008 09:47 am at 9:47 am |
  7. nader


    September 16, 2008 09:47 am at 9:47 am |
  8. Arielle Yanaba

    John are a joke, I'm sorry. I once had respect for you but that is all out the window now!

    September 16, 2008 09:47 am at 9:47 am |
  9. I love Obama

    This man really makes me want to throw up.

    September 16, 2008 09:48 am at 9:48 am |
  10. tornado1972

    This is not the first time for such a statement, we know what McCain is all about and his party know they are on the wrong side but just don't care. How can they say country first, it's just a shame where this contest has gone

    September 16, 2008 09:48 am at 9:48 am |
  11. Open Your 3rd Eye



    ETC. ETC,



    September 16, 2008 09:48 am at 9:48 am |
  12. Tony Z-MD

    Stop the Spin. McCain is not ready to lead.

    September 16, 2008 09:48 am at 9:48 am |
  13. Accountability

    Just like he backed away from confusing Shia and Sunni....just like he backed away from "America as a country of whiners"...just like he backed away from how many houses he owns....

    Does this sound familiar America? It's what we have become accustomed to in the last eight years of the George Bush/Karl Rove Republican White House. Some Maverick huh?

    Want more of the McCain

    September 16, 2008 09:48 am at 9:48 am |
  14. Keisha - Atlanta

    Lies, lies, more lies... He'll be singing a different song next week..

    September 16, 2008 09:49 am at 9:49 am |
  15. Mb

    American workers, as strong as we are, can only do so much. We work hard but this administration has ignored us. The policies they enacted hurt not helped us now they want us to give them 4 more years to stick it to us again – NO WAY, ENOUGH IS ENOUGH.

    September 16, 2008 09:49 am at 9:49 am |
  16. JusLaugh

    What???? McCain ot taking responsiblility???? Shocker!

    It seems his true colors are starting to show through the smoke screen. He only cares about other rich guys, he could care less about the rest of us.

    September 16, 2008 09:50 am at 9:50 am |
  17. John

    If the American worker is the fundamental strength of our economy, why are so many jobs being sent overseas? I don't think McCain, Obama or any of the folks in Washington get it yet. I personally plan to vote AGAINST every incumbent I can.

    September 16, 2008 09:50 am at 9:50 am |
  18. Will-South Dakota

    When wa s the last time McBush fed his family on $120 and had to make that last for 2 weeks, when was the last time he stretched out his paycheck to make it to the end of the month...when was the last time McBush told his kids no, I don't have the money for that or thats to expensive right now.......Oh Wait he spent it all on his $500 loafers!!

    September 16, 2008 09:50 am at 9:50 am |
  19. Susan, IN

    Wouldn't you back away from such an idiotic statement. McCain can run, but he can't hide. The chickens are coming home to roost. i heard that Phil Gramm had a huge part in the de-regulations and wrote the legislation for Congress.

    Obama/Biden 08

    September 16, 2008 09:53 am at 9:53 am |
  20. Dave

    Lie, Lie, Lie.... Deny, Deny, Deny.... That's all the republicans ever do! Oh, that's not what I meant! Sure it wasn't John.... and your running mate didn't attempt to abuse her power either!

    Obama/ Biden!!!

    September 16, 2008 09:54 am at 9:54 am |
  21. Rob

    Many people I talk to who typically vote Republican claim that repubs are for small government and privatization of corporate America. I don't see it though. John McCain and the GOP want more military, and now apparently more financial regulation. I guess by small government, they don't want the federal gov't to provide health care or other social initiatives.

    September 16, 2008 09:54 am at 9:54 am |
  22. BigTallMatt

    Although rampant government spending UNDER A REPUBLICAN DOMINATED FEDERAL GOVERNMENT is part of the problem, McCain neglects to mention Phil Gramm, who drafted McCain's economic proposal, and the many lobbyists working for his campaign who drove legislation through a Republican controlled Congress that deregulated the financial industry and set up the current economic crisis. He's trying to defer blame for the mess that he himself helped this country get in, and it won't work.

    Obama/Biden – The change we deserve.

    McCain/Palin – Thanks, but no thanks.

    September 16, 2008 09:54 am at 9:54 am |
  23. Kaye- Jacksonville FL

    Oh dear – poor John just gets more confused everyday. Can't figure out what he thinks, what he'll do, what he should say to win. I'm dizzy just listening to him spin his useless positions and old proposals. Good thing he's got Caribou Barbie popping up in all the key states to keep the right excited about the "Palin-McCain" ticket...too bad that bubble is about to burst with all that's coming about Ms Sarah....she is same old, same old republican politics...just like him!

    September 16, 2008 09:54 am at 9:54 am |
  24. larry

    The only thing McBush has said that I agree with is his comment on economics not being one of his strong suits. Yeah, I'll say.....he hasn't a clue.

    September 16, 2008 09:55 am at 9:55 am |
  25. McCain Is Shocked...

    "Oh God, the people aren't listening to my lies anymore. Let's bring out Sarah Pigs and Lipstick. That will distract them."

    September 16, 2008 09:55 am at 9:55 am |
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