Maria begins with Fred, noting two-thirds surveyed think the country is in recession or it’s about to.

Fred: There’s no reason to beleive we’re headed for recession. Twenty-two quarters of economic growth. “The stock market seems to be doing pretty well.” (Yup, closed at all time high.) There was an odd pause in the middle of his answer, but he recovered. Fred goes quickly to lament the growth of entitlements.

Q: Why the angst?

Fred: There are some pockets of economic troubles. Refers to growth of economy “greatest story never told.”

Romney goes after Gov. Jennifer Granholm. I figured she was going to put a tax on the debate before we get finished. Good applause from the crowd.

Chris Matthews asks Giuliani “where the money is coming from” in hedge funds. Is this man economically illiterate?

Rudy makes a joke about the Yankees, and then goes to the importance of keeping taxes low, spending under control, and legal reform. Goes straight to hitting the Democrats, overtaxing, overspending, oversuing.

Matthews: Will Torre keep his job?

Rudy: God willing.

Ron Paul says the country is living beyond its means.

McCain: Everybody’s paying tax, and wealth creates wealth. I would recommend reading “The Wealth of Nations.” Laments loss of industrial jobs and “we’re not taking care of those left behind.”

McCain also points out that they ought to take out the C in S-CHIP, because states are covering more than just children. I like it, I’m sure the Democrats will roll out some 12 year old from a well-off family in response.