We’ve long since given up the assumption that some politicians are better than others. But every now and then a politician’s statements make us reconsider: perhaps this fellow is actually a little worse than the others.
Yesterday John McCain went to Colorado in order to say awkward things in an awkward manner. After begrudgingly saying maybe he’d cut taxes if he could somehow figure out how to do that, McCain turns to praise a local example of American ingenuity and drive.
And what is this fantastic example of American industry? Crocs, a company that has lost over 90% of its market value since its highs last fall. All we can say is that McCain must really enjoy his reputation for not understanding economics. Why else would he go so far out of his way to remind us of it?
After the jump, video of McCain’s praise of the ugly footwear company.
Yes, but his wife still has big boobs and owns a beer distributor. That makes him a winner in my eyes.
Carney – I don’t understand your point. I would criticize McCain for praising a company that produces hideously embarassing shoes, not for his pointing out that trade barriers would hurt an exporter like crocs.
Crocs’ valuation last year was absurd; who cares that it fell back to earth? Leave politics to your brother.
I didn’t take his point about Crocs literally because it was absurd. If some country banned Crocs completely on the basis of good taste, the economic effect would be minimal. He was using Crocs as a synecdoche for American products. My point is that this is a very bad example. He might as well have used subprime loans.
Just cause your stock sucks doesn’t mean that your business does. M$ and GE have done crap for a decade but still are important and successful firms. Crocs was ridiculously overvalued, as everyone noted at the time. Same with LULU. Still can be great, innovative firms.
Look at RIM’s stock chart. They didn’t suck when the stock was down and become geniuses overnight, then start to suck again. They were executing a VERY long term vision and have had some problems along the way – I remember friends getting canned during the telecom meltdown – but they’ve always been an important and innovative firm that nearly every politician wants to visit.
Crocs makes horribly ugly shoes that far too many people like, they exploited the hell out of the fad, and they’ve come back to earth. They’re still a good growth story and are trying to build a long term business. Thankfully McCain ain’t Jim Cramer, and he’s worried about the firm’s actual performance, rather than how the stock does. If Jim had been there for a visit to say how great the firm was, then sure it’s one more reason to ridicule him. For a pol… not so much. And it’s a hell of a lot better than visiting some government sponsored entity like a corn farmer, a NASA project, or a defense firm.
Why Mitt Romney is not the Republican nominee I will never understand. This race is turning into 4:00 am at Brother Jimmy’s.
Hey Ladies & Gents. I find this thread funny because all of the companies named in it are Canadian.
I always though GE and Microsoft were vaguely Canadian – finally we have confirmation.
Canadian? Eh?
Who let Canadians on this board?!
@ 1:14
Best comment I’ve heard all day. Made me spit my water out.
@ AB 2:39
Honorable mention.
@ 2:18
Ahhh, the ol’ 4am scramble, so many (foggy) memories…