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Obama: 'Republicans Sincerely Believe' Economy Will Prosper if We Only Help the Rich
'They're not necessarily cold-hearted'

"They're not necessarily cold-hearted, they just sincerely believe that if we give more tax breaks to a fortunate few, and we invest less in the middle class, and we reduce or eliminate the safety net for the poor and the sick, and we cut food stamps and we cut Medicaid and we let banks and polluters and credit card companies and insurers do only what's best for their bottom line, without the responsibility to the rest of us, then somehow the economy will boom and jobs and prosperity will trickle down to everybody. And when I say it that way, I know it sounds like I'm exaggerating, except I'm not. This is their theory. They're pretty unabashed about it. And it's not a new theory. They've held it for decades, through good times and bad."

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