Deja Vu

After the collapse of several investment banks in less than a week, John McCain said: “The fundamentals of our economy are strong,” echoing Herbert Hoover, who said on Oct. 25 1929 “The fundamental business of the country, that is the production and distribution of commodities, is on a sound and prosperous basis.”

The day before Hoover made that statement became known as Black Thursday, when the stock market lost 9% of its value in heavy trading, triggering a collapse of the banking system, which resulted in the Great Depression.

But this time it’s nothing, since we’re just a nation of whiners, according to McCain’s former financial advisor. Everything will be just fine if we bury our head in the sand and just ignore what’s happening.

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