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First Read is an analysis of the day's political news, from the NBC News political unit. First Read is updated throughout the day, so check back often.

Chuck Todd, NBC Political Director

Mark Murray, NBC Deputy Political Director

Domenico Montanaro, NBC News Political Reporter



When 'fundamentals' matter

Posted: Monday, September 15, 2008 7:42 PM by Domenico Montanaro

From NBC’s Ben Weltman and Domenico Montanaro
On any other day, this might not have mattered.

With Lehman Brothers filing for bankruptcy, both presidential candidates had the opportunity to make their case on the state of the American economy. 

The Democratic ticket, though, was quick to seize on part of McCain’s speech this morning when he said, “Our economy, I think, still, the fundamentals of our economy are strong, but these are very, very difficult times."

“Fundamentals of our economy are strong” was the key phrase. But it wasn’t new. And neither was the Obama response. (McCain later tried to clarify and New York City Mayor Michael Bloomberg said he agreed with the characterization.)

First Read searched through our database of the candidates' speeches and found McCain had used the phrase at least 16 other times, between Jan. 1st and June 5th of this year.

It was a regular portion of his stump speech during the Republican primary, but there was about a three-month gap after June 5th -- effectively when the general election began -- when McCain did not use the now-maligned turn of phrase.

Then on Aug. 20th, McCain appeared on conservative Laura Ingraham’s radio show and made the claim yet again. The Obama campaign has since tried -- futilely -- to make it stick.

But on this rare day when the economy was in full focus, it seemed to break through.

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I sit here in Tennessee with my wife, seriously worried about our home, gas, my family, our life style, my job.  I can't not trust McCain as he has changed from who he was and now just stretchs the truth.  This election will matter, but I sure hope we can make it until Obama takes office in January.  This will be a sad Christmas!
McCain said it himself -- he's really not in touch with the average lives of Americans... and he doesn't really understand the economy...

But since he relies on someone else to tell him what to say in his own campaign, John McCain blundered big time, today with "the economy is fundamentally sound..."

Did they not know which house to send the daily talking points to? Did Phil "nation of whiners" Gramm forget to send the memo on the economy to John today? Or maybe Sarah was too busy cramming for the VP exam to lend some "executive" experience"?

John McCain = BUSH POLICIES = More of the SAME.

Been there, done that. TWICE. Are we Americans stupid enough to let them do it again?
The fundamentals of the economy are strong, that is if you are rich. For the 98% of us that are not rich, oh well. The Republicans have driven our economy into the ground, our jobs have gone over seas, we have the largest trade gap ever and more and more people are unemployed every day. I would say that the economy is definately fundamentaly strong. NOT!
The fundamental of Senator McCain's brain is not strong...and that is not ageism : it is a truism!
How can this man possibly be ahead in some polls?  Can America be even more stupid this election than they were the last two?  
Barack gave an amazing speech in Pueblo, Co to a huge and enthusiastic crowd!  We will stand with him my fellow Obama supporters and we will make this country a better place.
Finally, someone to admit the McCaniac screwed up and has been screwing up when it comes to the economy.  So shameful that the media lets McCainiac get away with this because they're too busy praising his running mate as the best thing to come along since the tv remote, and who is the most knowledgeable person in the world on energy and foreign policy because she can see Russia from Alaska.  How shameful, that because of this ongoing Palin praise, she might just very well be the next President because McCainiac is so old, who knows how long he'll be around!  Thanks media.
How many times must McSame say (and believe) the "Fundamentally" wrong thing before people finally wake up and pay notice?
Repeated, false reassurances don't solve problems. I want a leader who tells it like it is. Honesty about an issue is the first step towards reaching realistic solutions.

It's ironic that McCain, running on a message of "reform" doesn't see how badly our economic policies need reforming.

Let's elect Barrack Obama, who's not afraid to acknowledge the very real trouble our country is in, and who has a progressive plan for addressing our problems.  
republican lexicon

Fundementals = Simple, proven truths that are understood to be the foundation...that can be altered at a whim when politically convenient.

Change = What one does to copy an opponents platform when you dont have one of your own.

Reform = Mislead public on deeds that arent your own while secretly supporting failed past policies.

Ethics = huh?
McCain was able to see through the political smoke and recommend a build up of troops as necessary corrective action in Iraq a year or two ago. I am not going to second guess him on how to correct the economy. Many experts are saying the economy will turn upward next January. We are just recovering from Greenspan's exploits.
Republicans are the true Socialists. Ever notice how their corporate friends turn to the government for a taxpayer funded bailout as soon as the losses kick in?
Must we be hit by a ton of bricks before we take note here???
If McCain was bothered about the fact that he is lacking in knowledge about the economy (he says this, not me) then why did he pick a VP solely for political reasons and not a VP that would help him be a better president?
Why is no asking how McCain will change the Washington DC...when all of the media was asking Obama the same question for months ...

So the latest due to the Financial crisis today ...McCain says "we will clean up" ....what and how ...

KO and RM - would you please look into this?
Companies go out of business everyday. The Democrats can't seem to comprehend that. It's not the governments job to regulate which companies stay in business and which don't. Other banks will pick up Lehman's business. The fundamentals in our enonmy are strong, no matter how much the Democrats say it isn't. What's there answer, that the fundamentals aren't strong? Show us where you nitwits.
Jeez, Sen. McCain. Who am I supposed to believe: You or my lyin' eyes? Of course, this isn't surprising to hear at all - McCain and Phil Gramm are doing great under the current economy.

Sorry, just more middle class whining...
Where is the Ad from Obama regarding McCain himself saying that he does not know Econ101 ....

And add what he said today ...that he will clean up Wall Street ...

Funny.....how "in depth" FirstRead/MSNBC digs into McCain/Palin, but NEVER digs into Obama/Biden.

BTW, is it still Obama/Biden?

Losers!!!!!!!!
Wall street couldnt be faltering at a better time. Maybe now the rich Republicans can actually fell what we little people been sayin the whole campaign! Hopefully we will go into depression and show the Republicans the meaning of "Only the strong survive", because it is definitely not them.

Raul Ramos (Sent Monday, September 15, 2008 6:54 PM)
#################

This post sums it up. Republicans always cheer a good economy. Democrats though would sell their white grandma for a bad economy so they could get elected. What a sorry party the Democrats have become.

My late mother's best friend has cancer that has metastasized to virtually every nook and cranny of her dying body. She is on a feeding tube in ICU.

Her vital signs are good.  She is breathing.  Thanks to Oxycontin, she feels no pain.  In fact, she is rather incoherent most of the time.

Is she "fundamentally sound?"

Why has Gov. Palins comments on Bush Chronicals can not be found not on CountDown or in the entview?
Please publishon your web site Chris' comparison numbers on tonight's show. They really tell you just how "better off" this country is now from when Bush arrived and what he will leave us with.  They were so Tim-like...should have done them on a white board. Is this a great country or what!
McCain has stated publicly that he doesn't really understand how the american economy works.  And then he chooses an unethical man like Phil Gramm who profited from the deregulation of the banking system that has brought us todays mortgage and credit crisis.
Why on earth would we consider putting our country in McCain's hands?  

This is election is a fight to try to restore what is left of our democracy before it is too late!!

Enough!!

No Way! No How! No McCain!
But this is when it shouldn't have mattered. The full quote from the prepared remarks was:


"Our workers are the most innovative, the hardest working, the best skilled, most productive, most competitive in the world.  My opponents may disagree, but those fundamentals of America are strong."
Our economy is in shambles, our reputation in the world, down the toilet. Had enough?

Go to www.BarackObama.com and contribute what you can --time, money whatever you've got.

Save the world. Obama-Biden 08!!!!
How about that finally you see that what you say fundamentally matters, it's unfortunate that it took the rich to be hurt on wallstreet to get McCain and his followers to want to talk about something other than saraleee and how sweet she is suppose to be, it's time to talk about the issues that matter like unemployment (real-time) not the numbers that are generated by those allowed to claim benefits. Maybe now that some upper upper class will be effected we'll get to the point. Keep keepin it real Obama!
Demos, don't panic. Don't pay too much attention to these rigged polls that reflect the obvious: many white people have a problem voting for a Black guy.. Big deal. Just go vote, we'll win. By we, I mean all of the American people.

Black in L.A, and loving it
Brad Partish, Kingston, Tennessee--"This election will matter, but I sure hope we can make it until Obama takes office in January."

I hope you aren't waiting for our government to save you.  Maybe you should actually do something to address the issue....Maybe like get a part time job instead of blogging.  Man, what a whinner.  
Demos, don't panic. Don't pay too much attention to these rigged polls that reflect the obvious: many white people have a problem voting for a Black guy.. Big deal. Just go vote, we'll win. By we, I mean all of the American people.

Black in L.A, and loving it
Today the stock market fell over 500 points. It was the biggest one day drop since 2001. I don’t want to say that the banking system in America is failing. I am not running to my bank to withdraw my funds.

However, today “Wall Street Giants” collapsed. Today they were bought and sold like cheap goods at Wal-Mart. Today has been reminiscent of Black Tuesday. I know people won’t believe that. No one is jumping from windows because it isn’t “that bad.”

Is it?

This year alone 463,000 jobs have been lost. Unemployment has hit a 5 year high at 6.1%. Our country has a racked up huge debt with foreign nations. People are relying on credit more and more.

The list of economic woes goes on and on…

This has all happened under a Republican in the white house for eight years.

John McCain has been a senator for 26 years. He has admitted that the economy is not his strong suit. Yet he claims to be the change we need. He claims to have ideas that will work and fix and help. But what are they? Has anyone heard him mention the middle class and the millions of families who are struggling?

Is anyone paying attention to his platform? The one that doesn’t cut taxes for those who need it the most? The plan that lowers taxes for the richest people in America? The one that hopes trickle down will work.

Well, America the truth is that trickle down doesn’t work. Hasn’t anyone noticed? Look at where we are today. How much more trickle down do we really think we need. John McCain thinks we need more. More of what we have had for the past eight years. I’m sorry but this is madness. Look around you senator. It isn’t that hard to see the people and the families that are hurting, losing, wanting.

Wanting a change.

No, not wanting a change, needing a change.

This country needs a change.

Times are bad. In fact, things haven’t been this bad since the Great Depression. The irony is that the Great Depression started during a Republican administration (Hoover). It took the great Democrat Franklin D. Roosevelt, with plans and ideas and change to get this country back on the right track. I have faith that things won’t get that bad again. I have faith that the American people will wake up and demand a change. And that change will not be Senator John McCain.

Today Joe Biden called John McCain “Bush 44.” He sure seems correct to me.

http://lastofourkind.blogspot.com
First of all, Mayor Bloomberg ENDORSED JOHN McCAIN!!!  You missed it, because it was not the endorsement you wanted.

Secondly, our economy IS fundamentally sound.  These 'ponzi schemes' come along every thirty years or so; there is an implosion, and the rest of the economy picks up, dusts itself off, and moves forward.  Remember the 'tech bubble'?  the 'crash' of 1987?

We have weaknesses, yes.  First of all, we need to supply our own energy-that is the most dangerous part of our economy.  NOT how many tee-shirst we buy from China, (and for those of you who don't understand economics, here is a clue:  Walmart OWNS China, not the other way around.  If Walmart suddenly stopped buying from China, their economy would melt down, and the government would be overthrown.)

We need to manufacture ALL of our own energy.  That means drilling, for oil and GAS, Senator Obama, (it doesn't come out of the stove); we need wind, which means that, (so sorry, the view over the oceans will be interrupted by windmills); we need hydroelectric dams, (sorry, environmentalist wackos)-

and the good news is, these projects mean JOBS.  Manufacturing jobs.  Union jobs.

so tell me again why I should vote for the candidate who believes in the energy fairy?
you know it bothers me that I never can get a comment out on any of the news web sites, It's beginning to make me feel it's my name? I am a Natural born citizen, from chicago illinois. and a struggling Dem. check your email record, my voice counts tooo!
http://twocanpete.blogspot.com/
Our economy strong? The ramblings of a senile old man. For the rest of us who don't have a $100 million money tree, the economy is NOT strong.
Chuck Todd, you and your overbiased and undersampled polls. Do you include those without land lines? Do you include the enormous voter registrations happening on college campus?

Do you include in your polling info that even Gallup has stated that they have made polling sizes in McCain's favor to give him a bump after the convetion?

Do you include all the ugly, bigoted, and hate-filled push polls that Republicans and the McCain campaign are making in key swing states. Those callers are told outright malicious lies about who Obama is and then asking them if they would vote for him after "what they heard" on the push poll phone call

Do you include the enormous voter registration numbers increases for Democrats across the USA?

Do you include how McCain's campaign supporters who own brokerage firms are foreclosing on African Americans in swing states like Michigan to disallow them from having a residance so their voting status can be challenged on Election day?

Until I see some solid, consistant reporting of taking all these factors into consideration - you will forgive me if I don't pay attention to your polls and your map. I will stick to state-by-state registered Dems vs. Republicans and how I can help Obama register more voters to get those numbers to reflect the map that America deserves.
I'm not mad at rich people. And I hate to see them suffering like they are today.  However, what this reminds me of is that McSame's "trickle down" theory still doesn't work.  It didn't work Reagan proposed and 20 years later. It still won't work. I'm not mad at rich people. I'd like to be one someday. And I hope when that day comes, I haven't become stupid enough to vote against the interests of most Americans. Obama's policies would make the rich go back to paying their share -- about what they paid during the Clinton years.  Promote equal pay for women (rich women included), Protect's a woman's right to choose when she gives birth (duh??),and be the most transparent administration in history.  He's going to put it all on THE GOOGLE!

WorldAccordingtoMe
I just DO NOT UNDERSTAND .. After I read these notes that the polls say it is a dead heat.   I also can not believe how anyone would have any trust in McSame!     Go Obama/Biden 08.  
If anyone is curious about the best guess of the presidential nominees:  for McCain, but if you scroll through is campaign page, he supports a "flat tax", which is why you only need a half sheet of paper, if you are in the middle class, no financial adviser listed.  For Obama, he has 3 financial advisors with the lead of Ausban Goolsbee and if you follow his links, you will get an idea of his plan.  It takes the entire economy into account and tells that tough decisions will have to be made and things like Medicare / Medicaid and Social Security will be made line items on the annual budget ( instead of just a cost that must be adsorbed).  It will cost all Americans something, but more to those who make more than we "middle classers".  As a new retiree, I am willing to do this!
wt, the problem is that we are no longer the most innovative, hardest working, best skilled, most productive or competitive. we are woefully behind on education, big business works hard agaisnt innovation (or we would have had a better than 2nd generation electric car before 2010.) much of our production is done overseas, and our home grown companies are shutting down production here. It is not too late to turn things aound, but we will need a President that is more interested in investments than bail outs. One that is actually committed to ending oil dependency, instead of playing lip service to it to gain more drilling clearances.  
John McCain economic policy:
There is no reason to worry about the economy if you have a net worth of $200 million because you will still have a net worth of $100 million. And if you have some friends in the oil industry, it's better than being able to print your own money.

Seriously, fundamentally sound? What part is sound, health care costs, price of gasoline, a never-ending war sucking up trillions, escalating food prices or crumbling infrastructure?

For those people supporting him because Sarah Palin is a new star on the horizon shows we really need to fix our education system so people can learn how to think for themselves.
No McSame you comments are like a bullet. Once it's fired, you cannot get it back into the Gun...Herbert Hoover in Disguise!!!!!!!

Obama/Biden/08/12
Wow, how curious!  Good old fashion mud slinging politics on the part of Obama, the messenger of change!

I thought he did not like the old Washington politics?
COPY CAT MCCAIN. I couldn't help but notice that John McCain's speech on the economy today included the phrase "enough is enough". It seems McCain and his campaign cannot come up with their own message but have to copy Obama's or whichever message will get him elected. I declare that John McCain should be called out for what he really is a copy cat. Yes Copy Cat McCain. Think about it. He copied Bush 95% of the time when he though that would get him elected. He copied Obama's change message when he thought that would get him elected. He copied the I'm an outisder message by picking Palin to get elected. He is copying Hillary's sexism charges. He is now copying Obama's economic message. What's next. Well enough IS enough!
ATTENTION INDEPENDENTS, UNDECIDEDES, AND RACIST!  Even if you hate Obama,do you really want Phil Graham as Secretary of the Treasury?  This is the man who created the housing crisis with the point of his pen and the same man to told us all to quit our WHINING about being broke and to STOP IMAGINING THINGS.  If you can't bring yourself to vote for a Obama, PLEASE just stay home.

Kathy, Charlotte, NC
When I read the above comments where mostly Obama supporters disagree with the statement: "Our workers are the most innovative, the hardest working, the best skilled, most productive, most competitive in the world.  My opponents may disagree, but those fundamentals of America are strong.", it is unbelievable. What do Obama and his supporters think about us workers? Throwing stones won't help the economy get better.
Some of you people are clueless or rich.  What does it take for some to use a little reasoning and common sense.

The economy is the worse it’s been in 8 years (I'm not sure how you can dispute this FACT).  All you have to do is look at the state of the country before the Republicans took over Washington in 2000.  Close your eyes and think back 8 years ago…now open your eyes and turn on the news.  It pretty much speaks for itself.  We can not endure another 4 years of Bush and his boys running the country.  
"Our workers are the most innovative, the hardest working, the best skilled, most productive, most competitive in the world.  My opponents may disagree, but those fundamentals of America are strong."

wt, San Francisco, CA (Sent Monday, September 15,2008 8:26 PM)"

THIS WAS AFTER HE HAD SAID IT TWO OR THREE TIMES.  THIS IS WHAT WE CALL BACK PEDDLING BOYS AND GIRLS. That's not how he said it the first time.
I am not an economics maharishi, but you don't have to be satiated in economic wisdom to know that our economy is in the tank.  Unemployment is up, the stock market is down, the deficitis huge and financial entities are failing.  And many of us believe that there is more bad news coming.

If I was a brillant person, I could probably tell you that our country's fall from a good economic position just months ago to our dire situation today all started with the mortgage crisis where financial institutions loaned money to people over and above their ability to repay.  And it came back to haunt them when the people could not meet their mortgage obligations.  Then the dominoes started falling.

But I am not a brillant person.  Yet, in this great country of ours, I can still voice my opinion and I pose the following question.

In the face of my lay and uneducated analysis, how does the veracity of McCain's statement that the "fundamentals of our economy are strong" fare?  Well, its one of those uncomfortable situations where what he says is actually true; America DOES have a sound fundamental system and in time she will recover just as she has done many times in the past, but knowing that does not help to ease the pain of the present.

I am afraid Mr. McCain that your comment gives me little comfort.  To your credit, however, at least you have tried to make me feel better.
Dear WT, San Francisco

You are quoting what Sen McCain said later in the day - in an attempt to "clarify" his remarks.  And once again - he tries to turn this onto Senator Obama.  (Sen McCain can't/won't take responsibility for anything.)

If you listened to Paul Krugman speak today (and I can hear all you Republicans now - he writes for that most dreaded of all "liberal" (yeah, right) papers - the NYT - he is absolutely stunned  - and not in a good way - by Sen McCain's comments today.

And BTW - not only does Mr. Krugman write for the NYT - he teaches economics at Princeton.  He knows a little bit about economics, in fact he knows a whole lot about economics.  Lots of people in this country -both conservative, liberal, Republican, Democrat and whatever - listen to this man.  Please, let's deal with some reality before it's too late.

Obama/Biden '08
Obama needs to hold a "special news conference" and address the American people...speaking to them directly with simple down-to-earth solutions and a couple of experts to back him up. Don't even mention McCain...just act Presidential.

Oh, and now Palin won't cooperate with the legislatively appointed investigator. So much for reform and open government, Sarah.


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