It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
During a campaign appearance in Michigan, Santorum said the housing bubble burst in 2008 because people could no longer afford to pay their mortgages because of high gas prices.
"We went into a recession in 2008 because of gasoline prices," Santorum said in Michigan according to Buzzfeed. "The bubble burst in housing because people couldn’t pay their mortgages because of $4 a gallon gasoline."
Santorum then said President Obama actually wants higher gas prices.
"He actually believes this is a good thing for America, I don't," the former Pennsylvania senator added. "We are not here to serve the Earth, but to be stewards of the Earth."
The official government take on the collapse, authored by the Financial Crisis Inquiry Commission, blamed Wall Street banks for taking on excessive risk via subprime mortgages, and government regulators for failing to sniff out the start of the crisis before it threatened the global financial system.
Republican members of that panel dissented from the official report, blaming a global credit bubble and lax government housing policy. But they didn't put the blame on high gas prices, either.
UPDATE: Kevin Hassett, of the conservative American Enterprise Institute, says this may not be as crazy as it sounds:
This statement has a certain logic to it. Oil prices climbed, the economy weakened, the housing market started south, then everything unraveled. It is possible that a big reduction in oil prices would have been enough to stave off a recession. Jim Hamilton at UCSD is the world's leading expert on this, and he investigated it closely and found that the empirical case for oil causing the whole mess was surprisingly strong.
Past oil price spikes associated with Middle East conflicts and OPEC embargos were each followed by a global economic recession. This column argues that the onset of the current economic downturn of is also partly attributable to a sharp increase in the price of oil. Moreover, the interaction of high oil prices and housing problems contributed to the severity of the downturn.
Originally posted by Carseller4
Obama and his environmental wackos are to blame for the high gas prices.
This is what happens when you demonize the oil industry, drastically reduce offshore drilling, block drilling in ANWAR, and block the Keystone pipeline.
Originally posted by charles1952
Santorum is certainly not the strongest possible candidate, and I really understand not liking him, but aren't ATSers supposed to be open to new ideas, outside the box thinking?
I went to the Buzzfeed article to which the source OP article links. www.buzzfeed.com... It says this:
UPDATE: Kevin Hassett, of the conservative American Enterprise Institute, says this may not be as crazy as it sounds:.
I've seen ATSers get the content of an article wrong in their OPs much more drastically than Santorum did here.