On the recordJuly 27, 2010
I'm just standing here, listening to you both. When you piece this all together, their philosophy, which obviously didn't work because we saw how it ended, is to cut taxes for primarily the top 1 percent of the people--millionaires and multi-, multimillionaires--and expect that money to get reinvested. We all saw that the money was reinvested, for the most part, abroad in China and in other countries, so that was part of the offshoring. Then their philosophy was to completely look the other way. It was to take the referee off the field on Wall Street, and let those people who are making all this money continue to find out all these other schemes to make more money--that's how that ran--even to the tune of the student loans where they let banks give student loans and charge 8, 9 percent. Then the government would back the loan if somebody defaulted. So the system was set up to allow just the wealthiest people in the country to keep making money any way they saw fit.
