Cain: "Wall Street Didn't Drive Up The Unemployment Rate To 9.1 Percent"

October 14, 2011 6:03 pm ET — Alan Pyke

Somebody forgot to show Herman Cain the pictures of Occupy Wall Street protesters on their hands and knees scrubbing the pavement of Zucotti Park in lower Manhattan last night. Today on Fox News, Cain claimed that "these protesters resisting leaving so somebody else can clean up their mess," proving that he's not paying any attention to what's actually happening on the ground in New York. But Cain was just getting started. "I believe these protesters are protesting the wrong people," Cain went on to say, his voice rising. "Wall Street manages money. ... Wall Street didn't drive up the unemployment rate to 9.1 percent!"

CAIN: First of all, these protesters resisting leaving so somebody else can clean up their mess is another indication that they have misplaced objectives, whatever they are. I believe these protesters are protesting the wrong people. Wall Street manages money. Wall Street didn't pass the failed policies of the Obama administration. Wall Street didn't spend a trillion dollars on a stimulus package that didn't work. Wall Street didn't drive up the unemployment rate to 9.1 percent. Wall Street isn't proposing to spend another $450 billion which is just stimulus two. They are protesting the wrong ones! It should be over at the White House! Neil you know I'm not mad at you, I just get passionate when I talk about this stuff. [...] The reason that they're protesting Wall Street is to create a distraction for this administration of all of its failed policies! So they are wrong and they are basically just being a force of distraction. But let me tell you about the American people out here. Out here where the real folk are? They are not being fooled by this distraction.

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Apparently Cain's not content to have been completely wrong about the financial crisis as a pundit. His rant today demonstrates a stubborn ignorance of well-established facts. In stating flat-out that "Wall Street did not drive the unemployment rate to 9.1 percent," Herman Cain denies overwhelming evidence that a deregulated Wall Street turned the American mortgage market into a casino, and put the entire U.S. economy on the hook for their bad bets.

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