Mac was entirely correct saying that fundamentals are strong - they are diverse and educated workforce, economy that is not dependent on some particular sector, etc. People tend to confuse fundamentals with ups and downs. The roof that leaks does not mean that the basement crumbles.
No, the economy wasn’t strong then, and it isn’t strong now. We built up far too much debt to finance a pittance of growth in the last seven years, and this level of new debt creation could not be extended forever.
In this case, it was the basement that cracked, not the roof. When the financial sector implodes, it takes the economy with it. That’s been proven true in every financial sector collapse in every country where it has happened for the last 150+ years.
“Mac was entirely correct saying that fundamentals are strong”
* * * *
I did not disagree with him when he said it either, but of course the MSM and DNC used it to mock him with, and when he failed to vote against the bailout (which would have been the bold and correct move) he just compounded his credibility problems.