It's the Recession, Stupid

By Robert Borosage

January 15th, 2008 - 4:12pm ET

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It ain’t sexy, I know, but a word about the economy and the presidential debate.

Wall Street banks are holding a fire sale; employment is down, holiday sales tanked. Burdened with record debt and stagnant incomes, homeowners are about to reckon with declining home values, their largest investments, with a projected $2 trillion in assets evaporating in the course of the year. Even clueless George — “the fundamentals are strong” — Bush admitted a little stimulus might be needed.