McCain, Lehman Brothers, Donald Luskin and DUMB

"Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed."

The issue of economics is not something I've understood as well as I should. - John McCain

So what does John McCain think of the collapse of Lehman Brothers?



And then you get people like Donald Luskin saying shit like this:

Things today just aren't that bad. Sure, there are trouble spots in the economy, as the government takeover of mortgage giants Fannie Mae and Freddie Mac, and jitters about Wall Street firm Lehman Brothers, amply demonstrate. And unemployment figures are up a bit, too. None of this, however, is cause for depression -- or exaggerated Depression comparisons.

Which is terrific, especially if you read on in the article to see what Donald Luskin thinks the real problem is:

Patient zero in this epidemic is the Democratic candidate for president. As it would be for any challenger, it's in his interest to portray the incumbent party's economic performance in the grimmest possible terms. Barack Obama has frequently used the Depression exaggeration, including during a campaign speech in June, when he said that the "percentage of homes in foreclosure and late mortgage payments is the highest since the Great Depression." At best, this statement is a good guess. To be really true, it would have to be heavily qualified with words such as "maybe" or "probably."

"heavily qualified with the word 'probably'."

What the fuck is wrong with these people?