Cruz: I Would Not Bailout Bank of America if it Cratered

RUSH TRANSCRIPT:
CRUZ: "Absolutely, yes. I have spent much of my adult life enforcing the law, and defen the constitutions, the problem that under lies this is cronyism of Washington. Opening question that Jerry asked, would you bailout the big banks again. No one gave you an answer, I will, absolutely not. What we have right now is we have Washington, as government gets bigger and bigger. The biggest lie in Washington and politics that Republicans are party of rich, the rich do great with big government they get in bed with big government, the big banks get bigger and bigger with dodd-frank, and community banks are going out of business, the consequence of that is small business can't Gettings loans, this is why 6 of 10 wealthiest county in America are in and around Washington DC.  Some weeks ago. A woman names Sabina testified at a hearing I chaired in the Senate, she is an African-American single mom, who started a tax preparation business in the south side of Chicago, she found a store front, he start a business but then IRS, promulgated new regulations targeting tax preparers, under a more than 100 year or statute called the dead hors sat suite and statute had exemptions for lawyers, and big fancy accountants but she had to pay over a thousand. She sued IRS, to court, she won they struck down the rule for picking the gig guys over the little guys. Moderator: I want to be clear, are you saying, that if a bank of America were on the brink, you would let it fail? 
CRUZ: "Yes, let's be clear, there is a role for federal reserve, what the fed is doing now. A series of philosopher kings trying too guess what is happening with the economy. You look at fed, one reason we have financial crashes through out the 2000s, we had loose money, we had an asset bubble, that drive up the price of real estate. In 2008, the fed tightened that money, crashing those prices causing a cascading collapse, I am back to getting rules based monetary system not with a bunch of philosopher king -- -- king. --" 
CAVUTO: "I understand, that I just want to be clear. If it were it happen again, whatever the reason, you would let it go? You would let a bank of America go." 
CRUZ: "Let me be clear, I would not bail them out, but instead of adjusting monetary policy according to Wims. What fed should be doing is number one. Keeping our money tied to a stable level of gold, and serving as Linder of last resort. That is what central banks do. If you have a run on the bank, fed can serve as a lender of last resort, it not a bailout. It is a loan at higher interest rates. That is how central banks have worked. We have a gold standard, for about 170 years of our nation's history, and enjoyed booming economy growth and lower inflation than we had with the fed now, we need to get back to sound money which helps in particular working men and women. What Washington does, people who are doing well in the Obama economy are those with power and influence in the"