Fundamental question: Is economy really OK?
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Unemployment is at a five-year high. Financial firms that withstood the Great Depression are failing. Congress and a lame-duck president are gridlocked. So when John McCain declared that "the fundamentals of our economy are strong," it drew ridicule from Democrat Barack Obama.
McCain later toned down his remarks, but his observation reflected a debate among analysts and policymakers about the economy's underlying health. Plenty of them think he's right.
Polls show a majority of voters put the economy as their No. 1 concern with seven weeks to go until the presidential election. Many economists believe we are now in a recession. Signs of economic distress are everywhere as housing prices continue to fall and the nation's financial system is pounded by a series of shocks, including the Federal Reserve's stunning $85 billion takeover of insurance giant AIG Tuesday evening.
McCain later toned down his remarks, but his observation reflected a debate among analysts and policymakers about the economy's underlying health. Plenty of them think he's right.
Polls show a majority of voters put the economy as their No. 1 concern with seven weeks to go until the presidential election. Many economists believe we are now in a recession. Signs of economic distress are everywhere as housing prices continue to fall and the nation's financial system is pounded by a series of shocks, including the Federal Reserve's stunning $85 billion takeover of insurance giant AIG Tuesday evening.
