0:00
and Marie I will know she's got a
lot of experience but her but her policies have
0:05
proven disastrous if you look at
foreign policy every region on the world has
0:11
gotten worse under her leadership we
abandon the nation of Israel under her
0:15
leadership radical Islamic terrorism
has been under the rise under her leadership
0:19
in Obama's leadership Iran is
getting a hundred billion dollars on the verge of
0:24
getting a nuclear weapon everything
she's put her hand to his touch and when
0:28
we talk about the cronyism of
Washington Hillary Clinton in bodies the cronyism
0:34
give you an example of that which is
the congressional exemption from Obamacare
0:41
which is fundamentally wrong and
I'll tell you this if I'm elected president i
0:46
will veto any statute that exempts
members of congress the law should apply
0:50
evenly to every america
0:00
absolutely yes yeah you know i've
spent much of my adult life
0:04
enforcing the law and defending the
Constitution and the problem that
0:07
underlies all of this is the
cronyism and corruption of Washington you know
0:13
you the opening question Jerry asked
would you bail out the big banks again
0:17
nobody gave you an answer to that
I'll give you an answer absolutely not and
0:26
what we have right now is we have
washington as government gets bigger and
0:29
bigger you know the biggest lie in
all of Washington and in all of politics is
0:33
that Republicans are the party of
the rich the truth is the rich do great with
0:37
big government they get in bed with
big government the big banks get bigger and
0:41
bigger and bigger under dodd-frank
and community banks are going out of
0:44
business and by the way the
consequence of that is small businesses can't get
0:49
business loans and it is that
fundamental corruption that is why six
0:55
and wealthiest counties in america
are in and around washington D C you let me
0:59
give you a contrast to Washington
cronyism some weeks ago I wanna named
1:06
sabina loving testified at a hearing
that I chaired in the senate subpoena
1:10
loving is an african-american single
mom who started a tax preparation business
1:15
in the south side of chicago she
found a storefront she wanted to have her own
1:18
business she started a business but
then the IRS promulgated new regulations
1:24
targeting tax preparers they did it
under a more than a hundred year old
1:28
statute called the dead horse act
now this statute and the IRS in classic
1:34
Washington crony fashion head
exemptions for lawyers and big fancy accountants
1:39
but subpoena had to put pay $1,000
an employee it would have driven her out of
1:44
business in MS loving sued the IRS
she took the Obama IRS to court and she want
1:50
and they struck down the rule for
picking the big guys over the little guy
1:54
senator I wanna be like senator I
really want to be clear here are you saying
1:58
that the Bank of America were on the
brink you would let it fail
2:04
yes now let's be clear there is a
role for the federal reserve what the Fed is
2:10
doing now is it is a series of
philosopher kings trying to guess what's
2:16
happening with the economy you look
at the fed one of the reasons we had the
2:19
financial crashes throughout the two
thousands we had loose money we had an
2:24
asset bubble it drove up the price
of real estate drove up the price of
2:27
commodities and then the third
quarter of 2008 the fed tighten the money and
2:33
crash those asset prices which
caused a cascading collapse that's why I'm
2:38
supporting getting back to
rules-based monetary system not with a bunch of
2:44
philosopher kings deciding but tied
ideally that I just want to be clear if
2:49
you don't mind that that millions of
depositors would be on the line with
2:56
it won't happen again whatever the
reason that you would let it go you
3:01
would let a bank of American go so
let me be clear I would not bail them out
3:05
but instead of adjusting monetary
policy according to whims and getting it wrong
3:10
over and over again causing booms
and busts what the Fed should be doing is
3:15
number one keeping our money tied to
a stable level of gold and number two
3:20
serving as a lender of last resort
that's what central banks do so if you
3:23
have a run on the bank the Fed can
serve as a lender of last resort but it's not
3:28
a bailout it is alone at higher
interest rates that's how central banks of work
3:34
and I'll point out look we had a
gold standard under Bretton Woods we have
3:38
about a hundred and seventy years of
our nation's history and enjoyed booming
3:42
economic growth and lower inflation
than we have had with the Fed now we need to
3:47
get back to sound money which helps
in particular working men and women what
3:53
washington does the people who are
doing well in the Obama economy are those with
3:58
power and influence in the Obama
government the people working men and
4:03
women that we need to fight for me
oh that's a difference of being exactly to
4:07
let me just explain when a bank is
ready to go under and depositors are getting
4:12
ready to lose their life savings you
just don't say we believe in
4:16
philosophical concerns you know what
an executive has to decide when there's a
4:23
water crisis how do we get water to
the city when there's a school shooting how
4:27
do you get there and help heal the
community when there are financial
4:30
crisis or a crisis with ebola you
gotta go there and try to fix it
4:34
philosophy doesn't work when you run
something I gotta tell you on the job
4:39
training for president United States
doesn't work we've done it for eight
4:43
years almost eight years now it does
not work we needed executive who's been
4:47
tried has been tested and judge the
decisions about executive makes I don't
4:53
like what the Fed is doing but I'll
tell you what worries me more than that
4:57
the Fed over to the congress it
would be a very bad approach why would you then
5:05
bailout rich Wall Street banks but
not my word break not mom-and-pop not sabina
5:10
loving what you just said I'm
excited is a nose to step in and bail out banks
5:14
they were talking about what you
would do with depositors would you let these
5:17
banks shut down my argument is going
forward the banks have to reserve the
5:22
capital city of the capped it so
that the people who only capitol start
5:25
pressuring the banks to not take
these risky approaches ted but at the end of
5:31
the bank was failing to cause if
during
5:37
I would not let the people who put
their money in there all go down so you know I
5:44
was an executive I would figure out
how to separate those people who can't
5:50
versus those people are the
hardworking folks who put their money in those
5:54
another thing here's what I mean by
that is what I mean by that
5:59
when you are faced when you are
faced in the last financial crisis with banks
6:05
going under with banks going under
and people people who put their their life
6:10
savings in their deal with it you
can't turn a blind eye to it now going forward
6:15
that's one thing if you had another
financial crisis perhaps there would be