This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Steve Forbes Defends Mitt Romney

NEW YORK ( TheStreet) -- TheStreet's Debra Borchardt talks to Steve Forbes regarding Mitt Romney's presidential candidacy. A full transcript appears below.

Steve Forbes:
With this election, one of the questions is, is this equivalent to the spirit in 1976 or 1980? In 1976, we had just had previous years of massive political scandal, horrific recession, our worst downturn since the 1930s, record high unemployment in the post-World War II period -- economy coming back but a lot of things had to be done. Carter gets in and disappoints people. Things get worse, not better, so we finally got the positive reforms in 1980. People are ready for a change. If Mr. Romney wins, the question: Will he be Jimmy Carter or Ronald Reagan?

Debra Borchardt:
The presidential candidate, Mitt Romney, recently made his comment that 47 percent of Americans felt like they were victims and not paying taxes. What do you think about that comment?

Steve Forbes:
Well, as he politely put it, it was inelegant, in other words he shouldn't have done it. What he should emphasize, which he did subsequently, was that a lot of people aren't paying tax because their incomes are not high enough. Therefore, you get a prosperous economy and the base of the taxpayers goes up for the right reasons. Some folks, even if they don't pay federal income tax, everyone who is working pays into Social Security and Medicare now, theoretically that may not be a tax. But everyone figures it's a tax because the government's taking it away from you. Call it what you will.

So, what he should have pivoted on immediately and took too long to do it, but he got it done finally, is to emphasize that this is about economic growth. Those numbers will deal with themselves when we get the growth part right.

Debra Borchardt:
Some people feel that he's losing his momentum. Do you think he can get that momentum back? Do you think the debates are the place for him to really grab hold again?

Steve Forbes:
The debates are going to be critical. They're going to be watched by tens of millions of people. And all of these polls, what's amazing is that President Obama doesn't go above 50 percent. For an incumbent, that is bad news because we all know the incumbent. We really don't know except for snatches of Governor Romney. So, in the next few weeks, if he gets out his Reagan-esque message, it's one thing to have a tax proposal but if you're not out there flogging it, advocating it, and making it part of the theme of positive growth, it's not going to do you much good. So, he should talk to Paul Ryan about that. Paul gets it.

Debra Borchardt:
I was going to ask you that because it does seem like he's been silenced. He picked him as a running mate because he's charismatic, he has a very good command of the policies and the economy and the economic policies. But yet, he seems to have gone very quiet. Do we need to hear more from him?

Steve Forbes:
I think we will, especially with the debates coming up. Paul Ryan has been very busy now on fundraisers. You've got to get the ammunition to fight some big battles in the next month or so in October. So, I think this is a temporary thing. He will be out there and I think people will see that these ideas are well thought out. Lord help Vice President Biden if Biden thinks he's going to best Paul Ryan on the details and the essence of these reforms. A sound bite is not going to do it in the debate.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs