While other GOP candidates participating in the Fox Business Network debate dodged the question as to whether they would bail out major banks in a financial crisis, Sen. Ted Cruz (R-TX) made his opposition to “cronyism” position clear.
“The opening question [moderator Jerry Seib] asked — would you bailout the big banks again — nobody gave you an answer to that. I will give you an answer,” Cruz said. “Absolutely not.”
Like his Republican rivals, Cruz claimed that the Dodd-Frank financial reform legislation was actually making a future financial crisis more likely. Moderator Neil Cavuto asked him to clarify whether he would let a bank like Bank of America fail if it were on the brink.
“Yes,” Cruz said, before turning his scorn toward the Federal Reserve, which he said was run by a “a series of philosopher kings.”
Cavuto asked him to confirm one more time that he would let a Bank of America go.
“Let me be clear. I would not bail them out,” Cruz said.