Santorum's theory on the collapse of the housing bubble: High gas prices caused the meltdown!Submitted by hilt on Tue, 02/28/2012 - 08:19
You can't make this stuff up, he should stick to birth control and bombing Iran!
LANSING, Mich. - Rick Santorum said Monday that high gas prices sapped homeowners' ability to pay their mortgages and plunged the United States into recession, a far different reading of the causes of the recession than that of the economists who studied the crisis.
"We went into a recession in 2008 because of gasoline prices. The bubble burst in housing because people couldn't pay their mortgages because we're looking at $4 a gallon gasoline. And look at what happened, economic decline," Santorum said at a campaign stop.
Leading economists have said the financial crisis was caused not by the rise in gas prices in the summer of 2008, but by the collapse of the housing bubble - blamed on the proliferation of subprime mortgages - and the related meltdown of the financial market that later that fall.