Donald Luskin delivers the good news this time around. The economy is not in a recession, he advises. Armed with this insight, Luskin then seeks to rehabilitate a fallen McCain advisor:
McCain campaign adviser and former U.S. senator Phil Gramm was right in July when he said that our current state "is a mental recession." Maybe he was out of line when he added that the United States has become "a nation of whiners." But when it comes to the economy, we have surely become a nation of exaggerators.
Update:
Secretary Paulson concurs:
In a briefing in Washington, the Treasury secretary, Henry M. Paulson Jr., said the financial markets were going through a tough time "as we work off some of the past excesses," but that Americans could "remain confident in the soundness and the resilience of our financial system."
Update II:
The Obama camp issues a retort:
The video can be found at TPM Election Central.
Update III:
Rick Perlstein passes along James Galbraith's brief assessment of the crisis:
The collapse of Wall Street will hit Main Street like Ike hit Houston.
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