Tuesday, October 11, 2011

Republican Presidential Economic Debate Highlights Part I

Cain:  Throw out the current tax code, go with my 9-9-9 plan.

Moderator: U.S. Banks have $700 billion exposure to Europe.  How do we avoid a financial meltdown?

Romney:  That's a hypothetical question.   

Moderator: Would you be open to another bank bailout?

Romney: No one likes a bank bailout.  Preserving our currency and financial system is essential [Romney avoids ruling out another bailout].

Moderator: Any institution TBTF?

Romney: You don't want to bail out anybody [Romney avoids completely ruling out another bailout].

Cain:  Implementation of TARP was wrong.

Gingrich: There is a possibility that a meltdown could occur next year.  We are not any better prepared today for a financial crisis as we were then.

Paul: We've been living in a Keynesian economy for decades.  Austrian economists predicted these bubbles.  The middle class lost their jobs, lost their houses.