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The president's campaign isn't "doing fine" amid McCain-like gaffe

Remember when John McCain four years ago in Jacksonville said "the fundamentals of our economy are strong" after the collapse of Lehman Brothers? It was a snippet of a quote that defined his campaign, thanks to Barack Obama.

Now, amid rampant unemployment and poor economic news, President Obama said "the private sector is doing fine." And he's getting the same treatment he doled out on McCain.

Here's Republican Mitt Romney's latest web ad/prequel to a commercial:

And here's one from the vault -- Obama's ad whacking McCain over his comment



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Comeuppance is a sweet thing when it comes to the excesses of political rhetoric and campaign utterances.

It wasn't the fundamentals of the economy that brought the economy down in 2007-08. It was the arrogance, greed, and out-of-control gambling of the over-leveraged financial sector that did.

Obama's problem is that, like so many of elites in Washington and New York City, he can actually (stupidly) believe that the 'private sector' is doing fine because all he really sees are big corporation profits and stock values.

The financial sector is not the totality of the economy's fundamentals, nor are the financial metrics of corporations the totality of the 'private sector' ... unless maybe one is a member of the political and economic elite.

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