Is there any excuse for McCain's gaffe?

On the whole, however, a reasonable observer would have to conclude that, on balance, the fundamentals of the U.S. economy are less than sound. And even John McCain has recognized his mistake. After a day of withering criticism, he abandoned his previous position. Now he's calling the situation "a total crisis."

With research assistance from Slate interns Sophie Gilbert and Abby Callard.

(John McCain photo by Jeff Swensen/Getty Images)