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We went into a recession in 2008 because of gasoline prices. the bubble burst in housing because people couldn’t pay their mortgages because of $4 a gallon gasoline.
-Rick Santorum
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We Went Into A Recession In 2008

Rick Santorum
We went into a recession in 2008 because of gasoline prices. the bubble burst in housing because people couldn’t pay their mortgages because of $4 a gallon gasoline.
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Gasoline Prices People Pay

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I've not won different awards - many, many times - so luckily i've practiced that whenever you are nominated for anything, you enter into this marvelous, fantabulous bubble called the bubble of nomination. the minute the envelope is opened and your name isn't called out, the bubble bursts. and no one calls you up the next day to say, 'so sorry you didn't win,' or 'you looked gorgeous - nothing. if you win, you get about another 24 hours in that lovely bubble and then - pop - you are slightly wet all over from the bubble and realize that you have to get on with real life.
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From the great depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to federal reserve policy. the fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the fed-created bubble bursts.
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I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. but i had to face the fact that speculative bubbles usually are followed by recessions. my excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.
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In a glass of cider it seemed i was a mite of sediment that waited for the bottom to ferment so i could catch a bubble in ascent. i rode up on one till the bubble burst, and when that left me to sink back reversed i was no worse off than i was at first. i'd catch another bubble if i waited. the thing was to get now and then elated.
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