Mitt Romney, who announced Thursday he is running for president, believes the nation’s financial crisis is so severe that the nation is headed for a depression. Romney also said on Fox News Thursday that raising taxes would not be fair.

“If you have an economy where the leaders do everything wrong, anything is possible. The right course for America is to basically reverse almost every single action he's [President Barack Obama] taken as president,” Romney said. “Everything he did was what the faculty lounge members have been talking about for years. Which you hear Europeans doing. And what Europeans have done has lead to stagnation.

Read more on Newsmax.com: Romney: Fiscal Depression is Possible Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!