Lansing, Michigan (CNN) - Rick Santorum argued Monday that it was high gas prices, not dubious lending practices or complex Wall Street trades, which torpedoed the housing market in 2008 and brought on the current prolonged economic slump.
The Republican presidential candidate made the claim at a campaign event in Lansing, Michigan while accusing President Barack Obama of blocking the expansion of domestic energy production.
– Follow the Ticker on Twitter: @PoliticalTicker
"We need to look at the situation with gas prices today," Santorum said. "We went into a recession in 2008 because of gasoline prices. The bubble burst in housing because people couldn't pay their mortgages because they were looking at $4 a gallon gasoline."
"Look at what happened," Santorum continued. "Economic decline. Here we are again. Trying to struggle out of a recession with Barack Obama and the federal government on the backs of business, not letting them grow. And now we have energy prices again, why? Because of government policy."
After the event, however, Santorum sought to clarify his remarks with reporters and described gas prices as a "factor" in the crisis, not necessarily the cause.
"I said that that was a factor. I'm sorry. I will make sure that I will be much more specific when I talk about it," Santorum said.
Asked if he misspoke, Santorum replied: "Energy prices were spiking up in the summer of 2008 and that was a factor."
Also see:
Gingrich tells evangelicals: 'We need to stand up for ourselves'
From CNN Politics
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
| Advertising practices | Advertise with us | About us | Work for us | Help
Slick Rick, your just an idiot! Just shut up!
Somebody - QUICK - give him a brain transplant.
What an idiot.
LMAO! Poor Rick. Just making it up as he goes along.
Has he READ a newspaper anytime in the past 4 years?
Right...like big oil would charge less here at home when they could get $4.00 a gallon selling it overseas.
To paraphrase Firesign Theater...Nothing but bozos on the Republican bus.
Santorum really is a dummy. Even about economics. Maybe he should have a chat with Ron Paul before going on stage for any further debates. .
let me just say to all republicans, without equivoction: if you believe that, you are an idiot!
He's beginning to sounds as crazy & delusional as Bachmann!
He just lost a million votes with the dumbest statement of the year. And I am sure there is more to come.
Santorum makes me want to throw up.
Wow. I thought it was contraception that caused it. Plan B, Ricky?
How could this man ever be elected in the Senate? It boggles my mind.
There is no gas shortage...the US has so much that it is exporting overseas, so obviously its greed, not supply, that is increasing the prices. Santorum must have slept through the latter part of the 00s. Gas prices played a role in the recession, but the job loss and economic collapse was caused by Wall Street greed, and the failure of an overbribed Congress to be proactive or reactive to any of it.
No, it wasn't. It was all of the cheap credit out there that was given to people who had no chance on paying it back. The bankers who wanted to sell more the sub-prime backed securities to Wall Street caused a good part of this when people couldn't pay anything back.
Is this guy for real? High gas prices caused the recession? Because of the price of gas you couldn't pay your mortgage? OMG this guy is so out of touch with reality. He is the only person in the world since the recession started to come up with this revelation. What a ding bat! Good luck America if this is all the GOP have to offer for President. He will take office and start drilling oil wells in the Rose Garden. OMG, OMG what an idiot!!!
WOW! Republicans can just make stuff up without batting an eye.
And "Alice" Sanatarium takes another tumble down a random rabbit hole.
Ok, Bub. I would keep your mouth shut on this one.
Santorum said. "We went into a recession in 2008 because of gasoline prices. ( excuse me, didn't he say 2008 ? ) I thought we're headed OUT of a recession the last several months. According to the latest statistics, we've had job growth for many , many months in a row, now. The 4 dollar gas prices doesn't have anything to do with what Santorum is currently saying. Anyway – it's only 3.20 – 3.30 here, and may go up to 3.85 at most, around here.
You know, in the best of all possible worlds, a kind person could go up to Rick Santorum, gently remove the blindfold from in eyes, and then make some proper introductions: "Reality, this is Rick; Rick, this is Reality. Why don't you sit down with Reality and get to know it?"
Absent that, I guess Rick Santorum is just doomed to go through his life as an effin' idiot.
Seriously? This is the kind of Republican we have to choose from?? How about food prices? Or auto insurance? Or any other cost that has gone up in the last 8-10 years? He cant be serious about this. Such an oversimplification or misrepresentation of the facts is horrible for our party. This group of Republicans is handing the election to Obama. He isn't even going to have to try that hard.
The vomit that this man keeps spewing continuously proves what a lying nutcase he is. Nevertheless, I hope he keeps beating Romney as this would make him so very easy to beat in November.
One last thought......doesn't this guy have a campaign manager? If he does he needs a new one to stop him from saying this stuff! Rick you sound like Palin and Bachmann and look what happened to them. You're hoot Ricky.
Sorry Rick raising the gas prices even $2-does not eat up a mtg payment so much that 60% of Americans have to default 15,00 mi / 20mpg = 750gal raised $2 = 1500 over a year or a little over $125/mo which if it is enough to sink you financially you should not have bout the house in the first place with only $125/mo left in reserve. He is clearly lives in his own world of illusion.