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Re: John McCain says "I don't really understand economics"
At a recent meeting with the Wall Street Journal editorial board, Republican presidential candidate John McCain admitted he "doesn't really understand economics" and then pointed to his adviser and former Senate colleague, Phil Gramm - whom he had brought with him to the meeting - as the expert he turns to on the subject, The Huffington Post has learned.
The incident was confirmed by a source familiar with the proceedings of the meeting.
On the campaign trail, McCain has often made light of his lack of economic policy understanding. But his concern over such a shortcoming may be even greater then he has suggested.
This is not the first time McCain has turned to Gramm as a buffer for criticism of his economic views - or lack thereof. Gramm, who regards himself as a budget-balancing, anti-government spending Republican, was brought on board a sputtering McCain campaign last summer. Since then, McCain has staged a political recovery and is now a serious contender for the GOP nomination.
After joining the campaign, Gramm has remained by the candidate's side to "vouch for Mr. McCain's fiscal and security bona fides," according to the Dallas Morning News. Even prior to McCain's flop, Gramm was advocating on his behalf, writing a flattering February 2007 oped in the Wall Street Journal on his behalf.
During his 18 years in the Senate, Gramm helped spearhead the Gramm-Leach-Bliley Act, which allowed commercial and investment banks -- like Citigroup-- to more easily merge. The Texas Republican ran for president in 1996, but dropped out prior to the New Hampshire primary, despite at one point having $25 million in the campaign coffers.
McCain and Gramm are two long-time colleagues, and Gramm shores up a political weak-spot that McCain readily acknowledges exists. In recent campaign stops the Arizona Republican touted his desire for a new round of tax cuts, as well as encouraging investment and economic stimulus by ending the alternative-minimum tax. But he also admitted that, "the issue of economics is not something I've understood as well as I should." Adding, "I've got [former Fed Chairman Alan] Greenspan's book."
Even as far back as 2005, McCain was admitting that he lacked depth in economic policy. Writing in the Wall Street Journal, columnist Stephen Moore offered a probing and at times blunt assessment of McCain's economic policies. "[He] readily departs from Reaganomics," Moore wrote. "His philosophy is best described as a work in progress. He is refreshingly blunt when he tells me: "I'm going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated."
And to whom did McCain tell Moore he turns to for advise? "His foremost economic guru," wrote the columnist, "is former Texas Sen. Phil Gramm (who would almost certainly be Treasury secretary in a McCain administration)."
McCain's office did not return multiple requests for comment. The Wall Street Journal, as a company policy, does not comment on meetings that take place privately with their editorial board.
"People around the table were sort of taken back," said the source . "They thought McCain would have better answers."
Re: John McCain says "I don't really understand economics"
Isn't the president supposed to implement economic policies? Isn't that one of the bigger parts of the job? Most of the candidates are basing their entire campaigns around the economy and then this guy comes out and says he doesn't understand economics. I mean, he could say he's not an expert, but to say he doesn't understand is campaign suicide. McCain just lost the race.
Re: John McCain says "I don't really understand economics"
Yeah, its a huge slip of the tongue. If this gains traction and the media is all over it like flies on shit, he has definitely committed campaign suicide.
Everyone knows presidents use advisers for all sorts of things, but coming out and admitting such a thing is idiotic.
Mitt Romney just had an orgasm somewhere. Thompson is probably now wishing he hadn't dropped out, because if McCain's campaign collapses, Thompson would have siphoned a big percentage of McCain's votes.
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Re: John McCain says "I don't really understand economics"
How much can presidents do to fix a broken economy, or even cramp a strong one? The Great Depression ended with war, not FDR's million attempted programs. And this little recession that could get worse isn't remotely Bush's fault. People bought houses they couldn't afford. HE can't really stop that, or even know it's happening.
What little a President can do is just whatever his economic advisors put together. If McCain gets a Cabinet with a good economic mind then he'll be fine.
Re: John McCain says "I don't really understand economics"
How much can presidents do to fix a broken economy, or even cramp a strong one? The Great Depression ended with war, not FDR's million attempted programs. And this little recession that could get worse isn't remotely Bush's fault. People bought houses they couldn't afford. HE can't really stop that, or even know it's happening.
What little a President can do is just whatever his economic advisors put together. If McCain gets a Cabinet with a good economic mind then he'll be fine.
I'm not saying the President can do anything to fix the economy, it's just the responsibility of the executive to release economic policies. Good point on the economic advisors; the President is expected to have expert consultants in all fields. But the general public still perceives that whatever is introduced and enacted is the primary responsibility of the President. How can someone be responsible for policies they don't understand? As mentioned, if this story gets picked up, it'll be a major blow to McCain's campaign.
Re: John McCain says "I don't really understand economics"
polluxlm wrote:Unfortunately this is how it works with all political leaders. People elect faces, not competence.
It's these advisers that run the economy. Obviously they'll protect their friends interests in the future, as they've done in the past.
Put it like this; those friends ain't ours.
Re: John McCain says "I don't really understand economics"
Ron Paul Debate Performance May Have Hurt John McCain
By Tim Morgan
Jan 25, 2008
The Florida debate that was hosted by MSNBC for the Republican Party was important for the voters of Florida. It was the polar opposite of the Democratic debates of late and showcased some civility and it seems clear that most observers believed that Mitt Romney won the debate. Certainly he was better than his main competition, John McCain, and from my observations I think McCain was hurt a bit by Ron Paul.
Wait - what? Hear me out. Paul is a ten-term US Congressman from Texas and he will finish in dead last in Florida. Most of the party shudders when he speaks but on Thursday night his performance was spot on as most of the debate was on the economy and that is his specialty.
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Romney looked good, sounded presidential and mixed in some pretty good humor. Mike Huckabee and Rudy Giuliani weren't very good in the debate, but neither did anything to hurt their campaigns. But both needed serious efforts or they are going to fade away very quickly after Tuesday's vote. Then there was Ron Paul. Many have dubbed him a kook and while I'm not sure that is fair, but he has taken on some heavy fire in the earlier debates.
This one was different, civility ruled and Paul was able to speak clearly and stayed on message and highlighted his strength which is the understanding of economic policy. There was a special section of the debate where candidates were allowed to quiz other candidates with specific questions. Paul aimed his at McCain and his answer was confusing at best. It was a question about the transparency of government and McCain just rattled off a bunch of insiders names and seemed very confused. See the video here.
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The debate showed again that McCain's biggest weakness will be economic policy and as the campaign has shifted away from the war in Iraq this may be an ongoing problem for McCain. If this thing turns into "It's the economy stupid" as I believe it will, McCain is in trouble.
Who knew that Mitt Romney's best ally in the state of Florida would wind up as being Ron Paul. If Romney rallies for a win in the Sunshine State he may have to send Paul a thank you note.
http://www.nationalledger.com/artman/pu … 8489.shtml
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REP. PAUL: My'”my question is for Senator McCain.
This is an economic question that I wanted to ask. It has to do with the President's Working Group on Financial Markets.
I'd like to know what your opinion is of this and whether you would keep it in place, what their role would be, or you would get rid of this group. And if you kept the group, would you make sure we would see some sunlight and know what they're doing and how they're being involved in our markets?
SEN. MCCAIN: Well, obviously we'd like to see more sunshine.
But I as president, as every other president, rely primarily on my secretary of the Treasury, on my Council of Economic Advisers, on the head of that. I would rely on the circle that I have developed over many years of people like Jack Kemp, Phil Gramm, Warren Rudman, Pete Peterson and the Concord group. I have a process of leadership, Ron, that is sort of an inclusive one that I have developed, a circle of acquaintances and people that are supporters and friends of mine who I have worked with for many, many years.
REP. PAUL: So you'd get rid of the group?
SEN. MCCAIN: You remember back in 1982 when Phil Gramm'”Phil Gramm and Warren Rudman and Gramm-Latta and all of those people got the first real tax cuts done, the real'”first real restraints in taxes. I was there. You were there. And I rely on those people to a much larger degree than any, quote, 'formal' organization, although the secretary of Treasury is obviously one of the key and important posts that I would have.
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Personally I thought Ron Paul did bad at this debate, but since this thread talks about McCain and economics I thought I could rep Paul a little more than I already do 
Re: John McCain says "I don't really understand economics"
He's definitely on the verge of running into a brick wall. I missed the debate so can't really comment on any aspect of it. He's lucky only because there are so many terrible candidates running. He'll probably get the nomination by default.
Re: John McCain says "I don't really understand economics"
FROM CNN's Jack Cafferty:
John McCain is billing himself as 'the Democrats' worst nightmare.'
He has a new web ad that claims the Democratic candidates for president are afraid to face him in the general election.
During this week's Democratic debate, Hillary Clinton, Barack Obama and John Edwards used McCain's name 15 times. McCain says this is because the Democrats are concerned that he is the only candidate who can rally the conservative Reagan Coalition while appealing to independent voters'¦ ensuring a Republican victory in November. The ad will appear on the web sites of several Florida newspapers.
But, in a nation that's already so divided'¦ it seems like McCain could be going out of his way to alienate a lot of people. After all, it was independents in the New Hampshire and South Carolina primaries who helped him win.
Also, it's worth pointing out that Rudy Giuliani aired a radio ad in Iowa back in September calling himself the liberals' 'worst nightmare.' Not anymore.
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Smart move McCain. You just alienated half the country. You needed some of those dems and independents to even have a chance at the presidency.
