8 Falsehoods, Lies and Misstatements From Romney Fundraising Video
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Video 3: Mitt Romney, Wall Street Superman
7. “ They'll probably be looking at what the polls are saying. If it looks like I'm going to win, the markets will be happy. If it looks like the president's going to win, the markets should not be terribly happy.”
This claim is nothing but vanity and smugness. The Dow Jones Industrial Average is already up nearly 11 percentage points in 2012. The big problem is many Americans don’t own stocks as they used to, or haven’t shared in that economic good fortune. However, to say that a Romney presidency will send the markets soaring is absurd. Indeed, this chart shows the Dow has recovered nearly all it lost since 2007.
8. “ It depends of course which markets you're talking about, which types of commodities and so forth, but my own view is that if we win on November 6th, there will be a great deal of optimism about the future of this country. We'll see capital come back and we'll see—without actually doing anything—we'll actually get a boost in the economy.
This is another dubious claim by Romney, because one of the key features of the bank credit crunch since the U.S. housing market crashed is that banks have not been lending money to home buyers or small businesses unless they have a lot of collateral. Instead, they have been extending credit to corporations that have fortified their balances sheet by making acquisitions that are not related to a national economic recovery.
Romney’s statement is curious, because when he talks about boosting the economy, you might ask, boost the economy for whom? Clearly not the 47 percenters, all presumably Obama supporters, whom Romney says are paupers on the federal dole. It’s not the undereducated young people who should be getting low-interest government loans for education and building a future, including being qualified employees or entrepreneurs. It seems that Romney is talking to multi-millionaires like himself, who seem to believe that the world turns in response to their pronouncements and business plans. And nothing else matters.