CNN Republican Debate: Part 1

Debate, the back and forth on ideas. Unless its a primary, then you have a line of people and not enough time to get much beyond talking points and short quotes. Then its a hybrid debate/press conference. Here is the debate transcript here.

Lets look at some quotes from it. Answers to different subjects, and I will be picking and choosing for space’s sake. Read the transcript for the full story.

Job Creation:

Herman Cain: “The thing we need to do is to get this economy boosted. This economy is stalled. It’s like a train on the tracks with no engine. And the administration has simply been putting all of this money in the caboose.
We need an engine called the private sector. That means lower taxes, lower the capital gains tax rate to zero, suspend taxes on repatriated profits, then make them permanent. Uncertainty is killing this economy. This is the only way we’re going to get this economy moving, and that’s to put the right fuel in the engine, which is the private sector.”

Tim Pawlenty: “And I don’t accept this notion that we’re going to be average or anemic. So my proposal has a 5 percent growth target. It cuts taxes, but it also dramatically cuts spending. We need to fix regulation. We need to have a pro-American energy policy. We need to fix health care policy. And if you do those things, as I’ve proposed, including cut spending, you’ll get this economy moving and growing the private economy by shrinking government.”

Ron Paul: “We’re trying to unwind a Keynesian bubble that’s been going on for 70 years, and you’re not going to touch this problem until you liquidate the bad debt and the mal-investment, go back to work. But you have to have sound money, and you have to recognize how we got in the trouble.”

Repealing ObamaCare

All want to repeal it and cite different reasons how.

How do they plan to make the centrist Republicans happy

Rick Santorum: ” I think the Tea Party is a great backstop for America. I love it when people hold up this Constitution and say we have to live by what our founders laid out for this country. It is absolutely essential that we have that backbone to the Republican Party going into this election.”

Michelle Bachmann: “…the Tea Party is really made up of disaffected Democrats, independents, people who’ve never been political a day in their life.
People who are libertarians, Republicans. It’s a wide swath of America coming together. I think that’s why the left fears it so much. Because they’re people who simply want to take the country back. They want the country to work again.”

H. Cain: “And so if the other party disagrees but the American people embrace those common sense solutions, that’s how we get things done. So those experiences in the business world, managing large organizations with a very diverse constituency are the same skills that can help get the people involved and not exclude the people like this administration has done.”

How to bring Manufacturing Jobs back to America

R. Paul: ” Pretty important because everything we’ve done in the last 20 or 30 years we’ve exported our jobs. And when you have a reserve currency of the world and you abuse it, you export money. That becomes the main export so it goes with the money.
You have to invite capital. The way you get capital into a country, you have to have a strong currency, not a weak currency. Today it’s a deliberate job of the Federal Reserve to weaken the currency. We should invite capital back.
First thing is, we have trillions of dollars, at least over a trillion dollars of U.S. money made overseas, but it stays over there because if you bring it home, they get taxed. If you want to, we need to get the Fed to quit printing the money and if you want capital, you have to entice those individuals to repatriate their money and take the taxes office, set up a financial system, deregulate and de-tax to invite people to go back to work again.
But as long as we run a program of deliberately weakening our currency, our jobs will go overseas, and that is what’s happened for a good many years, especially in the last decade.”

T. Pawlenty: “I’m for a fair and open trade but I’m not for being stupid and I’m not for being a chump. And we have individuals and organizations and countries around this world who are not following the rules when it comes to fair trade. We need a stronger president and somebody who’s going to take on those issues.
Number two, we need to make the costs and burdens of manufacturing in this country lower. We’re asking them to climb the mountain with a big backsack full of rocks on their back. We have to take the rocks out.”

M. Bachmann: “What we need to do is today the United States has the second highest corporate tax rate in the world. I’m a former federal tax lawyer. I’ve seen the devastation. We’ve got to bring that tax rate down substantially so that we’re among the lowest in the industrialized world.
Here’s the other thing. Every time the liberals get into office, they pass an omnibus bill of big spending projects. What we need to do is pass the mother of all repeal bills, but it’s the repeal bill that will get a job killing regulations. And I would begin with the EPA, because there is no other agency like the EPA. It should really be renamed the job-killing organization of America.”

Right-To-Work

T. Pawlenty: “We live in the United States of America and people shouldn’t be forced to belong or be a member in any organization. And the government has no business telling you what group to be a member of or not. I support strongly right-to-work legislation.”

Newt Gingrich: “And I think, Kevin (ph), that if you believe in the 10th Amendment, we ought to — let the states learn from each other. And the right-to-work states are creating a lot more jobs today that they heavily unionized states.”

Subsidies

R. Paul: “There shouldn’t be any government assistance to private enterprise. It’s not morally correct, it’s legal, it’s bad economics. It’s not part of the constitution. If you allow an economy to thrive, they’ll decide how R&D works or where they invest their monies.
But when the politicians get in and direct things, you get the malinvestment. They do the dumb things. They might build too many houses. And they might not direct their research to the right places. So no, it’s a fallacy to think that government and politicians and bureaucrats are smart enough to manage the economy, so it shouldn’t happen.”

H. Cain: ” I studied the financial meltdown and concluded on my own that we needed to do something drastic, yes. When the concept of TARP was first presented to the public, I was willing to go along with it. But then when the administration started to implement it on a discretionary basis, picking winners and losers and also directing funds to General Motors and others that had nothing to do with the financial system, that’s where I totally disagreed.
We should — the government should not be selecting winners and losers, and I don’t believe in this concept of too big to fail. If they fail, the free market will figure out who’s going to pick the up the pieces.”

M. Romney: “The bailout program was not a success because the bailout program wasted a lot of money. About $17 billion was used unnecessarily.
When the CEOs of the auto companies went to Washington asking for money from Washington, I wrote an op-ed, and I said, look, the right process for these companies is not a bailout, not a big check from Washington, but instead letting these enterprises go through bankruptcy, re-emerge, getting rid of the unnecessary costs that they had, the excessive debt, re-emerge, and that would be the preferred way for them to be able to get on their feet again.
Instead, the Bush administration and the Obama administration wrote checks to the auto industry. Ultimately, they went through the very bankruptcy process that I suggested from the beginning.”

R. Santorum: “we should not have had a TARP. We should not have had the auto bailout. Governor Romney’s right. They could have gone through a structured bankruptcy without the federal government.
All the federal government did was basically tip to the cronies, tip to the unions, gave the unions the company. If they’d have gone through the orderly bankruptcy process, gone through a structured bankruptcy, they’d have come out in the same place, only we would have kept the integrity of the bankruptcy process without the government putting its fingers into it.”

M. Bachmann: ” John, I was in the middle of this debate. I was behind closed doors with Secretary Paulson when he came and made the extraordinary, never-before-made request to Congress: Give us a $700 billion blank check with no strings attached.
And I fought behind closed doors against my own party on TARP. It was a wrong vote then. It’s continued to be a wrong vote since then. Sometimes that’s what you have to do. You have to take principle over your party.”

To be continued tomorrow. It was a long debate.

What are your thoughts about this?

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