Skip to comments.Mitt Romney Wants a False Prosperity Using His Dad's Failed Policy
Posted on 06/03/2012 5:22:39 AM PDT by Yashcheritsiy
It was determined a long time ago, that hot money from all over the world would fund big business and mortgages. Forget small business, that had to continue to rely on bank deposits.
Mortgages and Big Business are funded by hot money. Hence, housing bubbles and momentum trading on Wall Street. The average investor has no clue that all this is going one.
One of the pioneers of this strategy was George Romney, Mitt's dad.
This funding through the securitization of mortgages resulted in the first subprime lending machine. Mitt Romney believes in this, even though small business is the key to prosperity. Jobs are the key to prosperity, not housing. Yet, government has found it easy to fund a quick boom in housing, creating a false sense of prosperity.
Housing jobs, should be a result of foundational jobs, not the end all and be all of prosperity planning!
As it turns out, Mitt Romney has hired two advisors that advised George Bush, wanting a housing bubble with hot money that did come to pass. Even though the subprime escapade of the early 1970's failed, and the subprime fiasco of the 2000's failed, Mitt believes in this method of stimulating the economy, on the backs of the middle class, because of who he has hired and because attempts to fund small business seems to have a high rate of failure or bad press, as Obama found out in trying to fund green companies.
(Excerpt) Read more at businessinsider.com ...
I certainly don’t have much hope that he’ll make much difference.
Here is a quote from the guy who wrote the article, I guess he is an 0 supporter:
“I would be a Keynesian, but only if the framework was in place to stop speculation in markets and in housing. I oppose massive spending until there is more control of the banks, because with too much easy money at the top, they will inflate the cost of living for the rest of the people. I am against austerity because economic depressions don’t work.
My natural father was a CEO of a major New York corporation. I am adopted. That is strong motivation for my rejection of any attempt to attack these misdeeds of bankers through racial or ethnic profiling. That is a low road that leads to ethical ruin. I recommend checking out my articles below.”
“In 1962, George Romney was elected as governor. Despite of voters choice of sales tax increase, in 1963 George Romney proposed a state income tax in addition to the increased sales tax. A state income tax was enacted in 1967. That had a domino effect, causing Michigan cities to get on board and burden citizens with city income taxes. George Romney then expanded Michigan government.”
It seems that both George and Mitt were pioneers in states’ rights. /sarcasm
“Governour CEO” is gonna reinflate the bubble ping!
Me neither. But I'm still voting to fire Obama. The political heat is going to have to be applied to Romney as if he were a Democrat, because he basically is. IMO
And so, we should embrace the failed Marxist bull of Barry’s daddy instead???
That makes it even worse. If even a Keynesian can see that reinflating that bubble is a bad idea, what does that say about the quality of Romney’s decision-making?
I’m sure you’ll find a lot of folks in agreement with you .... at DU. Perhaps you should join there? I’m certain they will applaud your decision to sit out of this election as well.
We are caught between the Devil and the Deep Blue Sea.
George and Mitt Romney were both admirers and acquaintances of Saul Alinsky. Mitt Romney is a self-avowed Progressive, a socialsit.
The only difference I find between BHO2 and Romney is that one hates America and the other accepts the exceptionalism of Americans (though he and his family would never take up arms to defend this nation).
My reason for telling you and others this is so we have the information, the knowledge to recognize when Romney should be stopped. This is why I support Tea Party candidates to Congress.
This amounts to an indictment on little evidence. Of course Romney will needs advisers with expertise in the housing market. It is one of the major challenges he faces. This does not say that he will adopt “buble” policies. Mitt knows business, advisors won’t be calling the shots.
This isn’t much of an article. His evidence of Romney’s intentions on this count is having hired two Bush advisors who supposedly were pro-bubble—but not bothering to share with us who those two advisors might be!
You won’t get any arguement from me.
I am definitely not thrilled with Mitt, no more than I was thrilled with McCain, Dole, or GWB. But what is the choice? I think you have the right idea when it comes to supporting Tea Party Congress candidates. We need a revolution, and I don’t see it coming from the top spot!
Obviously the bubble was created soley by the mortgage backed securities. These were around for years. The problem was lending practices gone nuts.... It makes no sense why folks who couldn’t pay loans were buying multiple houses.
Like most government responses to a problem - they hit will a sledgehammer and damage an entire industry rather than fix the problem. Because of that I’ll give Mitt the benefit of the doubt.
The scary thing is that once the economy comes back we get to deal with the god awful inflation the Fed will have given us during the past 4 years trying to stop deflation. They have pretty much just wound the spring and it has to unwind at some point. (We get a preview of it at the pumps)
Who are you trying to fool here ?
Business Insider is a Dem party run propaganda outfit !
The guy who created it is a Hard left wing Democrat !
The author’s schtick seems to be making bold assertions with scant evidence to back them up.
“Like father, like son” is pretty weak substance on which to build a credible case.
The predictions of what Mitt Romney ‘wants’ detailed in this article are about as valid as those from any other phrenologist, psychic, or crystal-ball gazer.
Are you a Dem party troll ???
Business insider propaganda ?
Please spare us !
I stopped believing the “concerned poster” scam posters here.
Peddling Obama propaganda from the left wing Bus Insider outs these posters and their real motives !
Four more years of Eric Holder and company screwing with the state voters
Registration systems will destroy this country for ever
Agreed—it doesn’t reflect well on BI for posting it.
(And I’m no fan of Romney.)
“Like father, like son is pretty weak substance on which to build a credible case.”
Yah, agree. However, the old man came up with some real dogs during his tenure as CEO of American Motors. A couple of exceptions being the Hawk and avanti, cool cars for sure. Just making a funny, I doubt that anything could have saved AMC to be objective, it just lacked the juice to compete with the Big Three in those days...
Better to take a chance of the Romney’s fathers policy then 0bama’ father’s policy!
Did you check on the tax increase Romney DID vs. intentions in MA? Nothing good comes out of evil. His supporters refuse to vet the POS.
I was in the MA GOP at the time—I need no enlightening on the man—he’s a big government, liberal technocrat who will say or do anything to get elected.
But this is a BS excuse of an article.
Daddy Romney ran Michigan into the ground by setting it on a “Tax & Spend” path.
Sonny Romney did the same in Massachusetts - taxes, Taxes finally Taxachusetts was created!
A Pox Upon Them!
Taxachussetts has one of the highest (if not the higest) debt to GDP ratios of any state in the republic.
It’s amazing that Mittens likens himself to a states’ rights kind of guy...in regards to Romneycare. A 10th amendment totalitarian is no different than a commerce clause collectivist.
I’d say they have their faults but most Conservatives have a religion, unlike Democrats.
Business Insider is a lefty troll site.