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We became enthralled with the view that wealth trickled down from the top and that if you poured money into rich people, sort of like an ingredient, prosperity and jobs would squirt out of them like donuts. And if you understand economies in the 19th-century way, that view is plausible, and I think a lot of people accepted it.

We didn't become the most prosperous country in the world just by rewarding greed and recklessness. We didn't come this far by letting the special interests run wild. We didn't do it just by gambling and chasing paper profits on Wall Street. We built this country by making things, by producing goods we could sell.

If we didn't have the rest of the world growing, the United States economy would be in much worse shape than it is today.

We're living through the twilight of American economic dominance.

I think back a little bit when President Bush was elected President and what kind of economy he inherited from the Clinton administration. The economy was going down. It was not doing well.

Our economy grew at double the rate of the nation. We created 1.3 million jobs. We led the nation seven out of those eight years. We were only one of two states that went to AAA bond rating. I cut taxes, $19 billion. If you do that and apply conservative principles the right way, you create an environment where everybody rises up.

From the 1970s, there has been a significant change in the U.S. economy, as planners, private and state, shifted it toward financialization and the offshoring of production, driven in part by the declining rate of profit in domestic manufacturing.

How did the economy produce all these amazing things that we have around us - computers and cell phones and so on? There were a bunch of ideas, and the good ones grew and prospered. And the bad ones were pretty ruthlessly weeded out.

We escaped the last big bursting of a bubble - the dotcom bubble - with a relatively light U.S. recession. On that occasion, the world economy found its way back on track fairly quickly.