Epic Fail

Moment of Derp

What is Mitt Romney's solution to the continued decline of the housing market and the foreclosure epidemic?

More foreclosures!

“As to what to do for the housing industry specifically — and are there things that you can do to encourage housing? One is, don’t try and stop the foreclosure process,” said Romney. “Let it run its course, and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up.

Why do I consider this to be a glaring moment of derp? Because Mitt Romney made these comments in Las Vegas, the virtual epicenter of the foreclosure crisis.

No other city has experienced as large of a drop in property value nor as great a number of foreclosures in the wake of the collapse of the fraudulent mortgage industry in 2008.

Romney also went on to criticize the Obama Administration's plans for fixing the housing market by comparing them to the "failed" Cash-for-Clunkers program. And the problem is, Cash-for-Clunkers was a huge success. Detroit is back.

How out of touch can you get?

At least Romney's notion that everyone should rent rather than buy can serve as a final repudiation of the George Bush "Ownership Society" that spawned the housing bubble in the first place.

The consequences of that bubble are still with us, but more foreclosures isn't going to make things better.

  • DetroitSam

    My city is surrounded by several wealthy and middle-class surburbs in which there are thousands of forclosed homes. I know a physician whose home is in forclosure. She is not African American. Many of these forclosed homes were owned by what are called blue collar workers who lost their jobs with the down turn in the auto industry and supporting industries.

    Known point of fact: There are few African Americans living in these surburbs.

    Just because republicans are blaming AAs for the housing crisis is not a reason for thinking people to continue or repeat this nonsense.

  • D_C_Wilson

    The new “ownership society” means the wealthy own society.

  • mrbrink

    During the Bush years, Republicans would regularly take credit for the rise in African American home ownership. “Republican policies are great for black people!” “George Bush is great for black people!” “Look at home ownership!”

    Now they want nothing to do with them and it’s all their fault they destroyed the global economy. Now piss off, Obama-loving moochers! Pay up! or the banks are going to foreclose on your stupid lazy African American home! Come back and rent it for hundreds more per month.

    Who says conservatives have no sense of humor?

    • JMAshby


    • gescove

      What, Mitt, no zinger about the Community Reinvestment Act? Did you lose the memo, you stupid puppet? What an insufferable douchebag.

  • http://twitter.com/fleetadmiralj Josh Chambers

    It seems like every program that didn’t single handedly cause a huge recovery is a “failure” by their standards. The fact that things would have been worse off without them is irrelevant.