Governor Romney On The Stock Market And An Economic Stimulus Package
Today, Governor Romney addressed members of the media about the volatility in stock markets today, and the need for an immediate stimulus in the economy. Below are excerpts of Governor Romney's remarks:
"I think people recognize now more than ever, that it makes a difference having a President who has actually had a job in the private sector. And not just had a job there, but has worked for 25 years in the private sector, and then in the Olympics and the voluntary sector, and then in government. I believe that experience is critical right now.
"We're all watching with great interest the developments of the stock market. The stock market means a great deal to people living on fixed incomes that may have savings that are being affected by what's happening there. They want to see greater stability. But of course, more significant even than the stock market turbulence is the concern in the overall market, and the fear that we may head toward a recession. It's important that we take very aggressive action to turn the market away from a recession, to turn our nation away from a recession. That's why I've proposed a very bold economic stimulus plan. I know that's why the Federal Reserve has taken very unusual action with regards to their rate cut today.
"There's a very decent concern about the implications of a recession and for that reason, my plan, as you know, calls for a three-part strategy to address a potential slowdown, or the slowdown itself, and that is it relates to help in housing to keep people in homes, help with individual incomes so people are able buy more and keep our economy going, and help with businesses so they purchase more capital equipment and therefore are putting in place the orders that will create more jobs."
"I do believe that Congress needs to act immediately. My understanding is that the President is meeting with Congressional leaders today. I hope Congress is able to move very aggressively, very quickly. I like the proposals I made. If there are others that have similar economic features, fine, but let's take action and do our best to tip the market and tip the economy rather, in the right direction."
"I think actually that what we're seeing in the stock market today is only one peek at what's been happening for some time in the overall economy, and that, is we have some intractable problems that Washington has been not been willing to solve. And everything from reining in overspending and entitlements, as well as other government spending, to leveling the playing field in international trade, to getting us independent of our dependence on foreign oil, these challenges continue to grow and grow, and Washington has failed to take action. And what you're seeing with the stock market reaction, here and around the world, is a recognition of these long-term features and an underscoring the need to take a different direction."