Posted on 11/10/2015 10:38:19 PM PST by Isara
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| Presidential candidate and U.S. Sen. Ted Cruz at the fourth GOP debate in Milwaukee, Wisconsin on November 10, 2015. |
Asked toward the end of the fourth GOP presidential debate about the banking crisis of 2008, and the notion of the government treating some banks as "too big to fail," Cruz said he would let them.
"Senator, I really want to be really clear. Are you saying, sir, that if Bank of America were on the brink, you would let it go?" Fox Business News moderator Neil Cavuto asked.
"Yes," Cruz answered. Ohio Gov. John Kasich jumped on Cruz's response, arguing that depositors should be protected, but Cruz held firm in his most spirited exchange of a debate in which he seemed to neither gain nor lose significant ground.
A potential showdown with Florida U.S. Sen. Marco Rubio — emerging with Cruz as growing favorites to be the last men standing in the GOP field — never developed. The Milwaukee debate lacked the drama of the most recent CNBC debate, and Rubio earned the biggest audience response.
Cruz, a former Princeton debate champ, had one misstep that set Democrats atwittering about echoes of former Texas Gov. Rick Perry's presidential run four years ago.
Offering details of his tax and budgets pans, Cruz said he has identified $500 billion in specific budget cuts, including axing whole federal agencies.
"Five major agencies that I would eliminate: the IRS, the Department of Commerce, the Department of Energy, the Department of Commerce, and H.U.D.," Cruz said. Instead of repeating Commerce, Cruz meant to list the Department of Education.
It was no "oops" moment, but a bit of Texas deja vu of Perry disastrously taking a stab at the same line as a presidential candidate four years ago.
“I would do away with the Education, Commerce and, let’s see,” Perry said at a Michigan debate in 2011. “I can’t. The third one I can’t. Sorry. Oops.”
A spokeswoman for the Democratic National Committee instantly pounced.
"Ted Cruz will eliminate the Department of Commerce more than any other GOP candidate," tweeted DNC spokeswoman Holly Shulman. "Not just once but twice!!"
Overall, Cruz sparingly interjected himself into a debate focused on economic issues. Some political observers projected that the FBN decision to relegate Arkansas Gov. Mike Huckabee to the undercard debate would give Cruz more room to monopolize and court the evangelical vote.
That moment could come in a later debate that does not cater to a business-centric audience. Instead, Cruz focused repeatedly on promises to abolish the IRS.
However, as predicted, Cruz segued into discussing immigration, a point on which Cruz can isolate Rubio from the conservative base, yet he did not mention his Florida rival on Tuesday.
"Now, I want to go back to the discussion we had a minute ago, because, you know, what was said was right: the Democrats are laughing, because if Republicans join Democrats as the party of amnesty, we will lose," Cruz said.
Cruz has ‘Em talking...
They talk because they are afraid of Ted. That’s makes me happy
Hey, John,. ever heard of the Federal Deposit Insurance Corporation?
Cruz is to bailouts what Trump is to immigration. Two issue the GOPe would rather sweep under the rug.
I own some Bank of America stock, and I completely agree with Ted Cruz on this.
When Perry had a brain fart, one could question his intelligence. But Cruz flubbing a very small aspect of an impressive performance is not going to cause anyone to doubt his intelligence or capability. Because it is there in spades. The press doesn’t like him, so they will hype this, but it will have no impact. Wear yourselves out!
“Ted Cruz will eliminate the Department of Commerce more than any other GOP candidate,” tweeted DNC spokeswoman Holly Shulman. “Not just once but twice!!”
Sen. Cruz joked about that himself in his post-debate appearance with Megyn Kelly.
“Megyn, I think the Department of Commerce is such a hotbed of corruption that we should eliminate it twice.”
Good that means Cruz is against the TARP
While Fox Business is for the TARP
Like a freight train chugging up a hill.
Everyone assumes this was a Cruz misstep. The MSM is bound to hype this, so whose name is going to dominate the next few media cycles? Maybe Cruz is learning from Trump....
The worst thing that moderators can do to Kasich is let him talk. Kasich is a total establishment tool and the more he talks the more it shows.
Someone pointed out I think it was on Fox News when I switched over, that John Kasich and Jeb Bush were the only two candidates who were bankers and their answers had that person scratching their head because their answer was not making and sense.
And Kasich *did* start explaining that if the bank should fail we should look at those who had money that could afford to lose it and those that couldn’t, suggesting that the “rich” person would lose their money in a bank fail because they could afford to but the “poor” person would be helped. And he got booed for it! I wanted someone to press him on this, but it was dropped. He needs to be gone.
It was not a flub or mistake.
Cruz did not respond to the assertion that "Oh my God, you will let all the poor shlubs get wiped out? How horrible!"
The reason he did not respond is the assertion is stupid!
We have the federal Reserve, as he mentioned, to loan the bank money, but failing that, we also have the FDIC that insures all accounts up to $250.000. So the poor shlubs, like myself, would not loose any money.Those with accounts over and above the 250K limit are taking a risk that any decent banker or advisor or accountant would advise you not to do.
So it was not a error on his part, it was a stupid statement by another and he did not respond to it.
Taxpayers should not be in the business of helping those who do stupid things. He would not have bailed out GM either. Or Chrysler, who was bailed out twice to mollify unions.
Eliminate the IRS? That’s just populist pap. We all hate taxes, but if there’s no IRS who’s going to collect whatever type of tax we have? Just voluntarily mail it in? Where? When? Who do you make the check out to?
If we replace income tax with a sales tax who’s going to collect it from the retail businesses? Businesses never cheat on their taxes right? Under any tax system with no oversight or no enforcement this country would be broke in six months.
Should the IRS and their powers be scaled back? Absolutely. But you can’t eliminate a tax collector altogether.
Ted Cruz's 'Oops' Moment (Ted's Reaction -50 sec video)
It was nothing.
The Constitution doesn’t grant power to prevent bankruptcy but even if the Power to write uniform rules concerning bankruptcies were construed to allow the federal to prevent them ... what exact came of the word “uniform”?
“Too big to fail” implicitly speaks of a lack of uniformity in the rules. One rule for this one and another for that one rather than the same rule for both.
Either bail out every failing Mom’n’Pop or let even the largest fall where they fall.
That is the way it was done at the onset of income tax collections.. Getting rid of the IRS does not mean getting rid of the collections process.
In fact, once simplified, you don't need 90% of the accountants or 90% of the IRS..You can transfer the collection and records sections to the department of the Treasury, where it once was...and where it should be. We won't need need this:
"The Information Please Database indicates that 92,033 people worked for the Internal Revenue Service in 2007. The number of people employed by the IRS has declined over the years; in the 1990s, the number of people employed by the agency averaged above 110,000."
OK.....so if you still think we need all that, I wonder what they would all be doing..
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