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McCain Backtracks on Economic Fundamentals

John McCain has taken a lot of heat this week for saying the fundamentals of the economy are strong, which is eerily similar to what Herbert Hoover said on the eve of the Great Depression. So today he's trying to backtrack and it ain't working.

"What I obviously was saying, and I believe, is the American workers, the most productive and the most innovative -- they are the fundamentals of our economy and the strength of it and the reason why we will rebound," he said Tuesday on CNN's "American Morning."

Well of course the American worker is strong, too bad he isn't getting paid anymore. I also like the focus on workers when the GOP platform and policy is to gut unions and collective bargaining as a whole, thus diminishing their ability to negotiate for better pay and benefits. Nice.

"We will come back from this crisis, but right now we are the victim of greed, excess and corruption in Wall Street."

The greed and corruption that went unchecked thanks to a bill written by McCain's chief economic advisor and the man who called worried Americans "whiners," Phil Gramm.

As ThinkProgress notes today:

Gramm orchestrated the Gramm-Leach-Bliley Act in 1999 which "destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies." He also pushed the Commodity Futures Modernization Act in 2000, which made legal "the mortgage swaps distancing the originator of the loan from the ultimate collector." The Nation writes that "those two acts effectively ended significant regulation of the financial community."

As Paul Krugman sees it with a little work and a lot of bad policy we could best the Great Depression, "Phil Gramm might be just the guy to do it."

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