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Ann Romney: 4 Years Ago, When Markets Collapsed, Women Were Less Focused On The Economy

by David Badash on October 18, 2012

in Economics,News,Politics

Post image for Ann Romney: 4 Years Ago, When Markets Collapsed, Women Were Less Focused On The Economy

Ann Romney claims that four years ago women were less concerned about the economy than they are today, despite the fact that the worldwide financial collapse took place exactly four years and one month ago this week.

“It’s heart-breaking, what women are talking to me about now. Four years ago, there were a lot of other issues on the table. This year, it’s nearly 90 — I would say, 95% of what I hear from women, is, ‘help. Please, help’,” Mrs. Romney said to Barbara Walters this morning on ABC’s “The View.”

WATCH: Ann Romney Likens Mitt Serving As A Mormon Missionary To Serving In The Military

“Economic help?” Barbara Walters asks. “Absolutely,” Ann Romney responds.

Four years and one month ago this very week, the markets here, under President George W. Bush, and internationally, collapsed.

“On Sunday, September 14, it was announced that Lehman Brothers would file for bankruptcy after the Federal Reserve Bank declined to participate in creating a financial support facility for Lehman Brothers,” Wikipedia notes:

Beginning with bankruptcy of Lehman Brothers on September 14, 2008, the financial crisis entered an acute phase marked by failures of prominent American and European banks and efforts by the American and European governments to rescue distressed financial institutions, in the United States by passage of the Emergency Economic Stabilization Act of 2008 and in European countries by infusion of capital into major banks. Afterwards, Iceland almost claimed to go bankrupt as the country’s three largest banks, and in effect financial system, collapsed.

On September 16, the Reserve Primary Fund, a large money market mutual fund, lowered its share price below $1 because of exposure to Lehman debt securities. This resulted in demands from investors to return their funds as the financial crisis mounted. By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse. On September 19 the U.S. Treasury offered temporary insurance (akin to Federal Deposit Insurance Corporation insurance of bank accounts) to money market funds. Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.

But Ann Romney believes that four years ago, “there were a lot of other issues on the table.”

She’s not only wrong, she’s so wrong, and lives were lost. People committed suicide because their financial losses were so bad.

Here’s what the DOW looked liked four years ago:

Ann Romney is either lying — or just ignorant, or she thinks women are. Any of these choices are dangerous.

Forward to the 1:37 mark for the relevant comments:

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