Skip to comments.Romney’s MA Jobs’ Initiative Directly Contributed to the 2008 Financial Crisis
Posted on 03/28/2012 10:06:45 AM PDT by SoConPubbie
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Romneys Jobs Initiative Worsened the Housing Crisis in Massachusetts So when President Bushs administration was attempting to regulate GSEs to avert a financial crisis, Governor Romneys affordable housing policies in Massachusetts were significantly contributing to the bad assets on the books of Fannie Mae and Freddie Mac. According to data from the Federal Reserve Bank of Boston the number of subprime mortgage originations in Massachusetts spiked between 2003 and 2006 during Romneys tenure as Governor of Massachusetts.
Given that there were prominent conservative whistle-blowers warning about the potential dangers of Fannie Mae and Freddie Mac, why was Governor Romney still pushing affordable housing in Massachusetts? What do his policies as Governor of Massachusetts tell us about how he will manage the national economy?
(Excerpt) Read more at redstate.com ...
What do his policies as Governor of Massachusetts tell us about how he will manage the national economy?That he'll be a "severely conservative" President. /s
"As U.S. real output grew 13 percent between 2002 and 2006, Massachusetts trailed at 9 percent.
* Manufacturing employment fell 7 percent nationwide those years, but sank 14 percent under Romney, placing Massachusetts 48th among the states.
* Between fall 2003 and autumn 2006, U.S. job growth averaged 5.4 percent, nearly three times Massachusetts' anemic 1.9 percent pace.
* While 8 million Americans over age 16 found work between 2002 and 2006, the number of employed Massachusetts residents actually declined by 8,500 during those years.
"Massachusetts was the only state to have failed to post any gain in its pool of employed residents," professors Sum and McLaughlin concluded.
In an April 2003 meeting with the Massachusetts congressional delegation in Washington, Romney failed to endorse President Bush's $726 billion tax-cut proposal."
[Cato Institute annual Fiscal Policy Report Card - America's Governors, 2004.]
Unity will have to wait. For now, all we do is hope that the three stooges who can’t defeat Romney soak up enough votes to force us into a brokered convention.
If a candidate can’t even jeopardize Romney’s chances at running away with the nomination, I fail to see how he would fare any better in the general election. We need to get rid of these losers and bring in someone else who can rally the nation against Obama.
Snake Oil Salesman Alert!!
“By leveraging public and private sector investment, we can increase our housing supply and support economic growth while maintaining the local character of our communities.”—Mitt Romney 2004 Fannie Mae Foundation speech.
The number of subprime mortgages spiked between 2003 and 2006 in EVERY state in the country, no matter who was governor!
and yet the clown still gets votes
There are many reasons to vote against Romney, but.....
Yes, job growth and GDP growth in Massachusetts were clearly below the USA average when Romney was governor.
However, job growth and GDP growth are closely related to population growth.
You forgot to mention that population growth in Massachusetts was also BELOW the USA average when Romney was governor.
OK, I guess you can blame Romney for low population growth.
But, almost every state on the northeast coast either lost population during that time period, or grew more slowly than Massachusetts.
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