MONTAGE OF TED CRUZ - FOX BUSINESS DEBATE

MONTAGE OF TED CRUZ - FOX BUSINESS DEBATE We Need Sound Fiscal Policy that Helps Working Men and women, Together We Will Turn This Nation Around, Hillary Clinton's Policies Have Proven Disastrous, We Can Defend This Nation and Pay for It, With Real Leadership, We Can Reignite the Promise of America Enforce the LAW! Hillary Clinton embodies the cronyism of Washington.   Babbling John Kasich lets his liberal side SLIP out! When discussing failing banks, "Those people who can afford it vs. the hard working folk" and the crowd caught it big time!     Ted Cruz "I will say the politics of it would be very very different if a bunch of lawyers or bankers were crossing the Rio Grande, or if a bunch of people with journalism degrees were coming over and driving down the wages in the press"   Machine Transcripts begin below - expect errors 0:00 well Maria it's great to be with you it's great to be here in Milwaukee you know 0:04 the question you last really i think is is the most important question many of 0:09 us can have faced which is how do we get the economy growing how do we bring back 0:13 economic growth because economic growth it's foundational to every other 0:17 challenge we have as you rightly noted from 2008 today our economy has grown 0:23 1.2 percent a year on average the Obama economy is a disaster and the IMF is 0:31 telling us this is a new normal it doesn't have to be if you look at the 0:35 history of america there are three levers that government has had to 0:39 facilitate economic growth the first is tax reform and as you noted I have 0:44 rolled out a bold and simple flat tax 10% for every American that would 0:50 produce booming growth and four point nine million new jobs within a decade 0:54 the second element is regulatory reform pulling back the harmonies of regulators 1:01 that have descended like locusts on small businesses in the third element is 1:06 sound money every time we pursued all three of those weather in the nineteen 1:11 twenties with calvin coolidge of the nineteen sixties with JFK or the 1:15 nineteen eighties with ronald reagan the result has been incredible economic 1:20 growth we have done it before 1:22 and with leadership we can do it again thank you   0:00 well my mom is here so I don't think we should be pushing any grannies off 0:03 cliffs and and you misstated what I've said on entitlement reform what I've 0:08 said is for seniors we should make no changes whatsoever for younger workers 0:12 we should gradually raise the retirement age we should have benefits grow more 0:16 slowly we should allow them to keep a portion of their taxes in a personal 0:20 account that they control and can pass on to their future retirees now I want 0:27 to go back to the discussion we had a minute ago because you know what was 0:30 said was right the democrats are laughing because if Republicans joined 0:36 Democrats as the party of Amnesty we will loose I understand that when the 0:46 mainstream media covers immigration it doesn't often see it as an economic 0:50 issue but I can tell you for millions of Americans at home watching this it is a 0:57 very personal economic issue and I will say the politics of it would be very 1:01 very different if a bunch of lawyers are bankers were crossing the Rio Grande or 1:07 if a bunch of people with journalism degrees were coming over and driving 1:10 down the wages in the press 1:21 the economic calamity that has befallen our nation 1:26 and I will say for those of us who believe people ought to come to this 1:29 country legally and we should enforce the law we're tired of being told its 1:34 anti-immigrant its offensive I am the son of an immigrant who came legally 1:43 from cuba the American Dream and we can embrace legal immigration while 1:49 believing in the rule of law and I would not try going illegally to another 1:54 country try going to China or Japan triangle into Mexico see what they do 1:58 every sovereign nation secures its borders and it is not compassionate to 2:06 say we're not going to enforce the laws and we're going to drive down the wages 2:10 for millions of hardworking men and women that is abandoning the working   0:00 that brings both of these together right that we have to defend this nation you 0:08 think defending this nation is expensive try not defending it that's a lot more 0:13 expensive and pay for you couldn't do that and also be fiscally responsible 0:20 you know I mentioned that the 25 programs that I put out today that I 0:24 would eliminate among them are corporate welfare like sugar substitutes let's 0:29 take that as an example 0:30 sugar subsidies sugar farmers farming 0:35 0.2% of the farmland in america and yet they give forty percent of the lobbying 0:41 money that's sorta corporate welfare is why we're bankrupting our kids and 0:45 grandkids I would end those subsidies to pay for defending the snake removal   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 2:53 that decision 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 5:49 afford it 5:50 versus those people are the hardworking folks who put their money in those 5:53 institutions 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 6:20 governor 0:00 58 years ago my father fled cuba as he stood on the deck of that ferryboat with 0:06 the wind and salt air blowing he looked back at the oppression and torture he 0:11 was escaping and yet he looked forward to the promise of america his stories 0:17 are story what ties Americans together as we are all the children of those who 0:22 risk everything for freedom america is in crisis now I believe in American if 0:28 we get back to the free market principles and constitutional liberties 0:32 that built this country we can turn this country around I believe the 2016 will 0:38 be an election like 1980 that we will win by following reagan's 0:42 the pain in bold pale pastels we're building a grassroots army I ask you to 0:48 join us at  Ted Cruz dot org and we the people can turn this nation around