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Republican Presidential Candidate Mitt Romney on why individual institutions should not be bailed out.
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-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And spoke to me at issue not whether health care laws should be -- but whether banks -- caught in another financial meltdown should.
Ever be rescued.
Recently banks -- major ones in this country had to submit what they call these.
Living wills is limiting financial will reserves required by.
Dodd-Frank did what they would do in the event everything hit the fan.
Sell off assets that sort of thing.
Critics have said that they're not really worth the paper they're printed on because that assumes people would buy.
Those.
-- -- that -- in the middle of the meltdown would you as president ever entertain should a major money center banks like a Bank of America.
I'll be on the verge of going belly up rescuing it.
Well I don't think you rescue or bail -- individual banks find themselves in trouble.
Banks that may have made a bad trade war invested in -- Kennedy that turns out all the under.
I had to get to recognize that institutions.
-- stand in the wrong.
Head to head up -- on the brink of failure they're gonna have to go ahead and fail.
I I do however consider there's a very different course if all the banks.
Looks like they're gonna go out of business -- -- all the banks are gonna fail why then that if you're seeing a lot of the banking system by -- that that's it may take time to take action.
But.
But -- you say when they say Paxil in the gutter I'm sort of when you say actions -- does that mean you can do what.
Then President Bush did and you would extend President Obama carried forward.
Which would propping up the banking industry keeping on of solid footing rescue whatever you wanna use it.
Well I supported what the -- what President Bush did I believe that we were at the cusp of seeing a complete meltdown of our entire financial system.
And -- that our currency within all of the savings of the American people -- that the businesses of America I -- -- -- on the verge of the potential complete.
Collapse of calamity in this country and the president took aggressive action President Bush to keep that from happening.
I think the the TARP funds were subsequently used for purposes very different than what they were -- -- by President Obama.
What thought it was necessary for President Bush I thought it was a inappropriate in some cases.
By President Obama.
But I don't believe that individual banks get in trouble should be bailed out.
That they should go to the normal process of bankruptcy and hopefully reorganization.
And come back out strong.
The deficits and -- have to go some of that position would seem to support banks still.
Taking risky behavior and they know that when push comes to shove.
And the -- melting down of the same time the president Romney will rescue them what do you say to them.
Well I don't think bags back act in concert.
Had -- let's all go down together and maybe the -- bails out.
Pickens that individual banks if they make bad decisions and take risky behavior cut to a level that causes the -- -- the collapse of the -- Why they're gonna recognize they're gonna go out of business and the people who work there -- particular the senior people to lose their jobs.
-- shareholders -- will lose their equity will lose their investment.
That that's of course the right -- for institutions which which engage in behavior that kills the enterprise.
But obviously that's a very different setting -- the entire country.
Is it -- -- calamitous settings and and I anticipate that's not gonna happen.
I think what happened last time around was the result of a very poor decision making by a lot of people -- -- particular those in government.
-- didn't take action which they had the legal right to do didn't take action which which would have prevented the banks from making that the terrible mistakes they made.
Governor highlight I do want to answer because I've heard rumors that you might make your running mate choice before the convention.
Is that true.
I can't tell you anything about -- BP process deal you know that if if I did I'd have you know.
I have had to come after you would -- -- men in black got flashlight that veterans -- -- put.
But it -- it for example if someone has not been vetted yet is it fair to say.
He -- she is not being considered.
I've got nothing Korea -- I've gotten out before you on the vice presidential process.
King we're seeing that very paying the -- see how about that.
Delphi get nothing nothing means nothing back.
Well I turn to governor Bob thank you very much it's always a pleasure be well.
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