Political Quotes

“The point is it was gone in a very short period of time. It was used on tax cuts. Tax cuts that the vast majority of which went to the people who needed them the least and who then invested them in hedge funds, invested them overseas, and put them into collateralized debt swaps and credit derivatives and every other kind of exotic investment, but they didn't go back into strengthening the economic foundation of the middle class. As a result, we look back now and we see that those tax cuts, putting aside what we were promised, those tax cuts generated about 13 cents on the dollar. In other words, about 87 cents of every dollar of tax cut never went back into strengthening the economy, it showed up in deficits. That is why this deficit situation is so difficult to deal with. We have to increase the deficit now to stimulate the economy because the private sector was given $350 billion out of $7 billion and they weren't willing to lend so the public sector has to come in, but it is all on borrowed money, as you emphasized, Mr. Chairman.”