Thursday, June 28, 2012

 

Portman Says Romney ‘Willing to Risk Being a One-Term President’



I have been wondering what course of action Mitt Romney would take to resolving the housing crisis.  The best way to deal with an oversupply of something is to allow the market to work and prices to fall to a market clearing level.  This would mean a lot of pain in the short term but it would end the foreclosure crisis.  In the video above this is what Romney says is the solution but he doesn't quite say that is what he would do.

Now Rob Portman gives us another hint at how a Romney administration will act.  He is saying the band-aid will be pulled off rather quickly.

 The Ohio Republican, who many consider to be on Mitt Romney’s short list of Vice Presidential candidates, said the kind of leadership he anticipated from Romney, if elected president, might cost him a second term.
“This is something I have never said publicly, I’ve told my wife this, but I think he’d be willing to risk being a one-term president in order to make the tough decisions that are going to be required,” Portman told the Reuters Washington Summit.Portman was quick to point out he believed the American people would “reward” Romney with a second term for bold leadership on financial issues and job growth.  [Emphasis added.]

The bold thing to do would be to force the banks to liquidate the houses they are currently sitting on.  This would mean a pretty bad economy in 2013-14, at least.  The alternative is to continue to prop up the economy with federal spending.  (IOW, do what Japan has done for the past 20 years.)  I am now sure that Romney is going to act boldly.  We will see a really horrible economy in 2013.  

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