I have long thought somebody should go through and annotate the 2012 Mitt Romney: Full Transcript of the 47% Secret Video. So I will now do it.
Part XX: Romney: My Election Will Summon the Confidence Fairy!:
I have remarked before on the strong disconnect between the future "Greece" scenarios that Romney was confident were in our then future and the expectations of financial markets, which were expecting a lot more of the liquidity trap and secular stagnation. But the fact that financial markets disagree with Mitt Romney did not give him any pause, or undermine his belief that he understood them, and could predict them--never mind that he could not even now-cast them.
And here he went completely unhinged: all that had to be done was to elect Mitt Romney, and:
there will be a great deal of optimism about the future of this country. We'll see capital come back, and we'll see—without actually doing anything—we'll actually get a boost in the economy...
While if Obama is reelected:
The "Taxageddon," as they call it, January 1st, with this president, and with a Congress that can't work together, it really is frightening, really frightening in my view...
We have seen real stock-market gains of 14%/year during Obama's second term.
You would think that somebody as good as Mitt Romney is supposed to be would have done some rethinking by now. You would think that somebody as good as Mitt Romney is supposed to be would have noted, say, that the only Democratic president under whom the stock market has not done extremely well was Carter, while the only Republican president under who the stock market has done extremely well is Reagan, and done some rethinking here.
And this raises the question: Where is the grift? Is Romney the mark, whose grifting briefers--who know better--allow him to believe that all he has to do is take office and the Confidence Fairy will return? Or is Romney the grifter here, and are his donors the marks?
Audience Member: When the [unintelligible] in September, the markets are going to be looking—marginal tax rates going up, overheads going, fine, but sequestration under the debt ceiling deal—what do they call it?
Audience Member: Yeah, they call it that. The Obamacare, taxes on dividends and capital gains—I mean, the markets are going to be speaking very wildly in October on all of those issues.
Romney: They'll probably be looking at what the polls are saying. If it looks like I'm going to win, the markets will be happy. If it looks like the president's going to win, the markets should not be terribly happy. It depends, of course, which markets you're talking about, which types of commodities and so forth, but my own view is, if we win on November 6th there will be a great deal of optimism about the future of this country. We'll see capital come back, and we'll see—without actually doing anything—we'll actually get a boost in the economy.
If the president gets reelected, I don't know what will happen. I can never predict what the markets will do. Sometimes it does the exact opposite of what I would have expected. But my own view is that if we get the—the "Taxageddon," as they call it, January 1st, with this president, and with a Congress that can't work together, it really is frightening, really frightening in my view...