...These things came together to creating a perfect storm that meant a huge loss. Now the question then is what did the president do to restoke the economy? And he passed an across the board tax cut that affected families that had children, that affected working families, it affected people across our economy with the idea that this tax cut and his economic policy would rebuild our economy...
This was April of 2004 and while Romney concedes 'historical events' effects the USA economy, he also states something far more profound.
...The United States has come back and is regrowing and we're creating jobs. The last half of the last year was a very strong period of economic growth particularly the last quarter. And the first quarter looks like another strong period. Records housing starts, record home ownership, job creation the last month over 300,00 thousand people every indication is that the economic policies adopted and pursued by this president are creating jobs at a very high pace...
The Republicans have no POLICY for a sustainable USA economy. They USE Bubble and Burst to placate the electorate. That is their policy. They played with the American Dream. They ultimately crashed the USA economy when bank CEOs were unable to find their own way out of their willingness to exploit the real estate bubble through private EQUITY sources.
The banks tried every aspect of private equity including other governments and other major corporations and billionaires. They could not find the money they needed to stop their implosion. That entire dynamic was compliments of the Republican economic strategy of Bubble and Bust.
The tax cuts Romney refers to in this You Tube report are the infamous Bush Tax Cuts.
The strategy is obvious, remove tax burden from the MIDDLE CLASS while providing the wealthy with everything they can dream of to facilitate an economy.
IT DIDN'T WORK. The Bush Tax Cuts caused the Housing Bubble by providing a faux understanding of homeownership while increasing the National Debt.
The Bush Tax Cuts destroyed the American Dream, USA economy and has sent the global economy into huge turmoil.
We, as a nation, cannot afford ethically, morally or financially to play the political game known to us as Right Wing Politics.
The economic collapse was no surprise to an award winning economist. This was 2005. By 2006 there were major real estate holders seeking to move their inventory. In 2006, when movement started in the real estate inventories the then Secretary of the Treasury, John W. Snow was pressured to leave office. In response to the impending disaster, the CEO of Goldman Sachs, Henry Paulson was tapped to fill that void. Paulson spent most of his time in China. I have no doubt he expected the Chinese to bailout the impending bubble collapse, but, it didn't work and at the last minute he was infusing private banks with national monies in September of 2008.
That Hissing Sound (click title to entry - thank you)
by Paul Krugman