McCain’s assertion that the economy is fundamentally sound was a clear mistake, and his effort to equivocate fundamentally sound to mean that the American worker is basically sound, was even worse.
What McCain wants us to believe is that the spirit of the American worker is so resilient that it can somehow thwart a recession; that because our working class is so fundamentally strong, it somehow negates the crashing stock market. I’m not sure whether McCain believes his own bullshit, but I’m guessing the average American worker isn’t buying it.
If McCain truly believes that the average American worker is fundamentally sound (in economic terms), he’s done. There’s a reason why the economy continues to dominate “most important issue” polls, and that’s before this latest crisis. This issue is especially important in states like battleground states like Michigan, Florida, and Nevada (MI for manufacturing reasons, and FL/NV for home sales).
Perhaps the biggest mistake that McCain makes is the ongoing assertion that this latest round of financial crisis can be solved by suggesting that “we will clean up Wall Street“. There’s only one way to do that – government regulation. If McCain wants to start using the government as a tool to artificially control the invisible hand of the economy, he’s going to keep a lot of his supporters at home on November 4th.