Romney Endorses “The Big Lie “

Mitt Romney will say anything to be president:

Romney-Gingrich Bid to Pin Crisis on Gov’t, by David J. Lynch: The leading Republican candidates for president have embraced an explanation of the financial crisis that has been rejected by the chairman of the Federal Reserve, many economists and even three of the four Republicans on the government commission that investigated the meltdown.

Both former House Speaker Newt Gingrich and former Massachusetts Governor Mitt Romney lay much of the blame on U.S. government housing policies… The Republicans say the federal government pressed banks to make risky housing loans under a 1977 law called the Community Reinvestment Act, helping inflate home prices and ultimately sparking the crash.

“The reason we have the housing crises we have is that the federal government played too heavy a role in our markets,” Romney said in a Nov. 9 Republican debate. “The federal government came in with Fannie Mae and Freddie Mac, and Barney Frank and Chris Dodd told banks they had to give loans to people who couldn’t afford to pay them back.” …

What Romney is showing us is that he is willing to embrace a false narrative in order to reach his goals. George Bush showed us how dangerous it can be to have someone with that attitude holding the reins of power.

About Mark Thoma 243 Articles

Affiliation: University of Oregon

Mark Thoma is a member of the Economics Department at the University of Oregon. He joined the UO faculty in 1987 and served as head of the Economics Department for five years. His research examines the effects that changes in monetary policy have on inflation, output, unemployment, interest rates and other macroeconomic variables with a focus on asymmetries in the response of these variables to policy changes, and on changes in the relationship between policy and the economy over time. He has also conducted research in other areas such as the relationship between the political party in power, and macroeconomic outcomes and using macroeconomic tools to predict transportation flows. He received his doctorate from Washington State University.

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