Big Banks: Romney Lied during Debate
Posted: Fri Oct 05, 2012 6:33 am
Bloomberg news just broke the story that the too big to fail banks all believe that Romney lied when he talked tough about "too big to fail" during the debate. They've given 4x as much money to Romney.
"This is the biggest kiss that's been given to — to New York banks I've ever seen. " - Romney
DEBATE QUOTE:
MR. ROMNEY: Regulation is essential. You can't have a free market work if you don't have regulation. As a business person, I had to have — I needed to know the regulations. I needed them there. You couldn't have people opening up banks in their — in their garage and making loans. I mean, you have to have regulations so that you can have an economy work. Every free economy has good regulation.
At the same time, regulation can become excessive.
MR. LEHRER: Is it excessive now, do you think?
MR. ROMNEY: In some places, yes, in other places, no.
MR. LEHRER: Like where?
MR. ROMNEY: It can become out of date. And what's happened in — with some of the legislation that's been passed during the president's term, you've seen regulation become excessive and it's hurt the — it's hurt the economy. Let me give you an example. Dodd- Frank was passed, and it includes within it a number of provisions that I think have some unintended consequences that are harmful to the economy. One is it designates a number of banks as too big to fail, and they're effectively guaranteed by the federal government.
This is the biggest kiss that's been given to — to New York banks I've ever seen. This is an enormous boon for them. There's been — 122 community and small banks have closed since Dodd-Frank. So there's one example.
"This is the biggest kiss that's been given to — to New York banks I've ever seen. " - Romney
DEBATE QUOTE:
MR. ROMNEY: Regulation is essential. You can't have a free market work if you don't have regulation. As a business person, I had to have — I needed to know the regulations. I needed them there. You couldn't have people opening up banks in their — in their garage and making loans. I mean, you have to have regulations so that you can have an economy work. Every free economy has good regulation.
At the same time, regulation can become excessive.
MR. LEHRER: Is it excessive now, do you think?
MR. ROMNEY: In some places, yes, in other places, no.
MR. LEHRER: Like where?
MR. ROMNEY: It can become out of date. And what's happened in — with some of the legislation that's been passed during the president's term, you've seen regulation become excessive and it's hurt the — it's hurt the economy. Let me give you an example. Dodd- Frank was passed, and it includes within it a number of provisions that I think have some unintended consequences that are harmful to the economy. One is it designates a number of banks as too big to fail, and they're effectively guaranteed by the federal government.
This is the biggest kiss that's been given to — to New York banks I've ever seen. This is an enormous boon for them. There's been — 122 community and small banks have closed since Dodd-Frank. So there's one example.