Quote

Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.

This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.

I was a hard-times governor. I had to steer my state through the deepest recession since the 1930s. But hey, tough times don't last and tough people do. And can I tell you that Virginians are tough people? We are tough people.

The 1930s had been a time of tremendous economic distress. And the unemployment rate was enormously high by any historic standard.

The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.

Gaming is the backbone of Nevada's economy.

And if you like 14.4 percent unemployment, if you like the fact that 70 percent of home mortgages in Nevada are underwater, then stay the course. Vote for Harry Reid.

Within a few months in 2008, household finances were crushed as asset values fell, millions of jobs were lost, countless credit cards were canceled, and thousands of homes were foreclosed on.