Sen. Ted Cruz and Gov. John Kasich got into a heated back and forth over bailing out big banks at Tuesday’s Republican presidential debate.
Cruz contended that he would allow a banking giant like Bank of America fail if they came upon hard times rather than bail them out.
“I would not bail them out,” Cruz said. “What the Fed should be doing is keeping money tied to a stable level of gold. It’s not a bailout, it’s a loan at higher interest.”
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Kasich vehemently disagreed.
“When a bank is ready to go under and depositors are getting ready to lose their life savings, you just don’t say we believe in philosophical concerns,” Kasich fired back.
“Philosophy doesn’t work when you run something,” he added. “I gotta tell you, on the job training for President of the United States doesn’r work. We’ve done it for eight years and almost eight years now it does not work. We need an executive who’s been tried, has been tested and judge the decisions that that executive makes.”
“You’d abandon philosophy and abandon principal but what would you do if the bank was failing?” he asked.
“I would not let the people who put their money in there all go down. As an executive I would figure out how to separate those people who could afford it versus those people, or the hard working folks who put their money in those institutions,” he said to boos.
Watch the entire tense exchange below.
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