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Pawlenty tells Wall Street to get its snout out of the trough

Following up on his big Chicago speech advocating a return to Reaganonmics and big tax cuts for business, Tim Pawlenty said today on Bloomberg TV that he wouldn't bail out Wall Street.

TPaw didn't specify that the president who recently did bail out Wall Street was George W. Bush, nor that the bailout was endorsed by both Barack Obama and John McCain who were the major party nominees at the time, nor the widespread view among economist that the bailout was necessary to avoid a financial collapse. In fact, he didn't even say that he wouldn't have done that bailout under those circumstances. But he did say, when asked "What is your truth message to Wall Street?"

"It will be, 'Get your snout out of the trough just like everybody else.'  If I am president, we will not have any more bailouts, carveouts, handouts or special deals.  We will reduce the corporate tax rate from 35% to 15%. We will get rid of all the deductions, credits, or exemptions, and you will compete not based on your connections to a congressman, but connections whether you can convince consumers if you have a good product.  If you cannot do that, you should not be in business.  Do not look for government to bail you out.  You either compete and succeed in the market or you do not."

The full interview is here.

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Comments (2)

Woo hoo!! Sing it Timmy!

Easy to say now. However, banksters and mortgage cos. HAVE to be held accountable. We have NOT been doing a good job at that to the middle class's peril.