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View Diary: Mitt 'Let Detroit Go Bankrupt' Romney: President Obama laid off autoworkers (87 comments)

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  •  Let the housing market hit bottom (1+ / 0-)
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    Hirodog

    That was also Romney’s approach to the foreclosure crisis:  Let the housing market hit bottom, so that vulture capitalists could swoop in and buy distressed property for a song and make their vulture profits.

    Remember, that wasn’t about bleeding heart Obama wanting to give defaulting or irresponsible homeowners a break.  It wasn’t about reducing loan balances.  It was recognizing that owners whose homes were under water, for no fault of their own, were unable to take advantage of low interest rates to refinance into more affordable terms.  So, while banks make billions off the zero interest rate loans they get from the Fed, they get to continue charging above-market rates on homeowners unable to refinance because of the housing crash.

    Romney opposed that.  Let the market hit bottom.

    So here’s the argument I keep wanting to scream at Romney:  You call Obama a failed president because he failed to produce as many jobs as the economy needs.  If you’d been president, you would have “let the market hit bottom.”  And that would be a success?

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