NYC Letter: The Enchanted Presidency, Part II

Day 101 of CHOPE

Our economy, I think, is still -- the fundamentals of our economy are strong, but these are very, very difficult times.

John McCain,
Republican presidential nominee,
commenting on last year's Black Monday
JACKSONVILLE, Florida September 15, 2008 (WaPo)

Senator -- what economy are you talking about?

Mr. Obama,
Democratic presidential nominee,
commenting on Mr. McCain's comment
GRAND JUNCTION, Colorado September 15, 2008 (WaPo)

10 days ago, John [McCain] said that the fundamentals of the economy are sound. I do not think that they are.

Mr. Obama,
Democratic presidential nominee
FIRST PRESIDENTIAL DEBATE
OXFORD, Mississippi October 14, 2008 (CPD)

That was then.

Well, of course the fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology.

Christina Romer,
Chair of the White House Council of Economic Advisers,
re-evaluating the fundamentals of the worsening economy
MEET THE PRESS March 15, 2009 (MSNBC)

This is now. And how are those then-unsound, now-sound fundamentals faring?

AUTO SALES PLUNGE TO NEAR 30-YEAR LOWS

CHICAGO May 1, 2009 (Reuters) - U.S. auto sales fell 34.4 percent in April as the industry held near the lowest levels in nearly 30 years and closed out the month with Chrysler LLC filing for bankruptcy protection. ... The annualized rate of U.S. auto sales is a closely watched indicator of economic activity.

FACTORY ORDERS DROP 0.9 PERCENT IN MARCH

WASHINGTON May 1, 2009 (AP) - Orders to U.S. factories fell a larger-than-expected 0.9 percent in March, while factory shipments dropped for a record eighth consecutive month. The report was further evidence of the severity of the recession.

CHOPE.

Worse. Worser. Sound.