By the Mitt Rockers
Glenn Beck asks Romney to explain the financial crisis and the government bailout proposal. Read the entire transcript to see why Mitt Romney would have been the ideal President for us in these financially difficult times. We support Barack Obama wholeheartedly as our new President. But anyone who thinks Obama could speak as fluently about the economy as Romney is smoking something way too strong:
GLENN BECK: Explain a little bit of what happened last Wednesday [the bank closures and government seizures] in layman's terms. I don't know if America really has a handle on, we were talking about shutting the country off because of nobody was making loans to each other. Nobody trusts each other anymore.
GOVERNOR ROMNEY: Well, the challenge all started with exuberance on the part of Republicans and Democrats to give mortgages to people who really didn't have the capacity to pay back the money. Everybody hoped they would but, you know, it was just irrational exuberance as Greenspan used to call it and so all these mortgages were handed out and then the banks, investment banks and other institutions held onto these mortgages expecting to get paid back and when the inevitable happened, when it was clear that people couldn't pay it back and started defaulting, we recognized that these banks and investment banks didn't have as much money as they thought they had and therefore they had to stop lending to new people because they didn't have money to lend. And when you start seeing people having to stop lending, well, then you mean folks can't buy cars, the kids can't get loans for school, that people can't buy homes and you could slam the whole economy shut. And it was that that the Federal Reserve feared and that's why they are proposing such dramatic action....
To read the rest of this outstanding transcript click here.
Wednesday, September 24, 2008
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