Indeed, many of the truly wealthy in this country are disgusting in how little interest or industriousness they show in helping the little guy in sustainable ways. Not that many Bill Gates so far. I don't doubt that McCain is among the truly rich, and the degree to which he engages in enlightened redistribution ("teaching them to fish") I dunno. But that is frankly a separate issue.

The problem with the American economy has been unbridled consumerism, consumer debt, irresponsible borrowing, and complicity among segments of the "sub-prime" financial sector eager to provide people with the opportunity to sate their consumerist addictions through various forms of lending. I don't want to put the blame solely on either the public or the big companies; it is a reciprocal dance of complicity, but the fact is, it takes two to tango.

The real problem is that Americans have become addicted to bread and circuses. Now that the prices have gone up, they are grumbling, and it is frankly pathetic.

I really have a hard time looking at the current situation and thinking "recession," back to reality after a long period of artificially inflated 'standards of consumption' yes, but recession just because the average American cannot binge on crap incessantly, and drive hundreds of miles for pennies on the mile, no. I am not an economist, but that is my lay person's sense of the situation.

And note, it is not like I'm "doing great" and can turn a "blind eye to the suffering of the masses." My wife and I wished to sell our house this spring. It ain't happenin' unfortuntely, at least not if we want to get what it is worth. We're gonna have to wait a year, maybe two, and there is no small risk to that; it definitely could blow up in our face, just like it could for anyone who takes reasonable risks in life. Luckily we found a good renter for at least one year.

The fundamentals are strong, variables are weak. So yes McCain is right to trust his gut instinct supported by the rumors going around the highest circles. The highest circle runs the show, & they are going to make sure that they dont get poorer. When they dont get poorer, everyone else gets richer. Climactic events can have shift in balance effect, but tell me one. Example: Emergence of Hitler & why 2 world wars caused England's decline & USA's dominance; Hunnic expansions/germanic mass migrations & decline of Rome; Assiriya & their Chariots.

So what is that climactic event happening today. Last time I checked all the latest innovations (chariots) are happening in the USA. There is no zombie (or a pandemic/hunnic menace) infestation that is causing all people of China to row over USA. Is there a war today? A war that is truly on the scale of being capable to bancrupt countries? The war on terror? USA annual GNP (value created) 13 trillion. Total war cost (according to the cheap easy source on the internet so you can be sure it is overblown ) 543 billion. Is that like this war, since the beginning, like cost only 4.1% of annual value creation? Is that going to bancrupt USA & result in mass value migration to another municipal heaven?

Fundamentals are strong my friend

What are the fundamentals of the economy?

Ahem... that would be a history thing not of Economic trivialities. Above should answer both of these

ps. Human desire coupled with his capacity to create is the only fundamental of the economy. If we were tiger brood, fundamentals of that economy would have been completly different. Alas those are unknown to us.