Herman Cain Admits He "Missed" Economic Crisis

By:  Thomas R. Eddlem
10/14/2011
       
Herman Cain Admits He "Missed" Economic Crisis

Republican presidential candidate and former Godfather's Pizza CEO Herman Cain admitted to MSNBC's Chuck Todd October 12 that he had "missed" the housing bubble and 2008 financial collapse.

"What I missed in 2005 was just how bad Fannie Mae and Freddie Mac had distorted the housing market," Cain told Todd. "I honestly did not realize just how bad it was, just how bad the whole bundling and derivatives thing was, and that we were on the brink of a total financial meltdown. So I learned later on by looking into it deeper that the situation was a lot worse than I thought in 2005."

As late as September 1, 2008, Cain wrote that the economy seemed to be on solid ground: “The supposed failure of Bush's economic policies has been a constant theme of the Democrats since the 2006 elections, when the Democrats regained control of the House and Senate by convincing enough of the voters that the economic sky was falling, and that the war in Iraq could not be won. Based on all of their convention speeches, they plan to continue those themes right through Election Day on November 4.” Wall Street giant Lehman Brothers filed for bankruptcy just two weeks after Cain's column was published, and President Bush subsequently began pushing for the TARP bailout bill (a bill also backed by both then Senator Barack Obama and Herman Cain).

Republican presidential candidate and former Godfather's Pizza CEO Herman Cain admitted to MSNBC's Chuck Todd October 12 that he had "missed" the housing bubble and 2008 financial collapse.

"What I missed in 2005 was just how bad Fannie Mae and Freddie Mac had distorted the housing market," Cain told Todd. "I honestly did not realize just how bad it was, just how bad the whole bundling and derivatives thing was, and that we were on the brink of a total financial meltdown. So I learned later on by looking into it deeper that the situation was a lot worse than I thought in 2005."

As late as September 1, 2008, Cain wrote that the economy seemed to be on solid ground: “The supposed failure of Bush's economic policies has been a constant theme of the Democrats since the 2006 elections, when the Democrats regained control of the House and Senate by convincing enough of the voters that the economic sky was falling, and that the war in Iraq could not be won. Based on all of their convention speeches, they plan to continue those themes right through Election Day on November 4.” Wall Street giant Lehman Brothers filed for bankruptcy just two weeks after Cain's column was published, and President Bush subsequently began pushing for the TARP bailout bill (a bill also backed by both then Senator Barack Obama and Herman Cain).

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Photo of Herman Cain: AP Images

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