"I think one is about responsibility. For Christians, and particularly for those who believe in the underpinnings of the Judeo-Christian West, I donít believe that we should have a bailout. I think the bailouts in 2008 were wrong. And I think, you look in hindsight, it was a lot of misinformation that was presented about the bailouts of the banks in the West.
And look at the [unintelligible] it. Middle-class taxpayers, people that are working-class people, right, people making incomes under $50,000 and $60,000, it was the burden of those taxpayers, right, that bailed out the elites. And letís think about it for a second. Hereís how capitalism metastasized, is that all the burdens put on the working-class people who get none of the upside. All of the upside goes to the crony capitalists.
The bailouts were absolutely outrageous, and hereís why: It bailed out a group of shareholders and executives who were specifically accountable. The shareholders were accountable for one simple reason: They allowed this to go wrong without changing management. And the management team of this. And we know this now from congressional investigations, we know it from independent investigations, this is not some secret conspiracy. This is kind of in plain sight.
In fact, one of the committees in Congress said to the Justice Department 35 executives, I believe, that they should have criminal indictments against ó not one of those has ever been followed up on. Because even with the Democrats, right, in power, thereís a sense between the law firms, and the accounting firms, and the investment banks, and their stooges on Capitol Hill, they looked the other way.
So you can understand why middle class people having a tough go of it making $50 or $60 thousand a year and see their taxes go up, and they see that their taxes are going to pay for government sponsored bailouts, what youíve created is really a free option. You say to this investment banking, create a free option for bad behavior. In otherwise all the upside goes to the hedge funds and the investment bank, and to the crony capitalist with stock increases and bonus increases. And their downside is limited, because middle class people are going to come and bail them out with tax dollars.
And thatís what I think is fueling this populist revolt. Whether that revolt is in the midlands of England, or whether itís in Middle America. And I think people are fed up with it.
And I think thatís why youíre seeing ó when you read the media says, ďtea party is losing, losing elections,Ē that is all BS. The elections we donít win, weíre forcing those crony capitalists to come and admit that theyíre not going to do this again. The whole narrative in Washington has been changed by this populist revolt that we call the grassroots of the tea party movement.
And itís specifically because those bailouts were completely and totally unfair. It didnít make those financial institutions any stronger, and it bailed out a bunch of people ó by the way, and these are people that have all gone to Yale, and Harvard, they went to the finest institutions in the West. They should have known better.
And by the way: Itís all the institutions of the accounting firms, the law firms, the investment banks, the consulting firms, the elite of the elite, the educated elite, they understood what they were getting into, forcibly took all the benefits from it and then look to the government, went hat in hand to the government to be bailed out. And theyíve never been held accountable today. Trust me ó they are going to be held accountable. Youíre seeing this populist movement called the tea party in the United States."