Issue Position: Free-Market Principles

Issue Position

Ending taxpayer bailouts of Wall Street and giant banks

Taxpayers, through the TARP program, have bailed out AIG at $70 billion, Bank of America at $45 billion, and Citigroup at $45 billion. The Treasury Department admits that it will take years to recoup the tax dollars used to bail out these and other companies. There's a better solution -- the free market.

We need to get the government out of the financial services industry and return control of the financial markets to free enterprise. Banks that are able should repay taxpayer money, and future bailouts should be prohibited. We should not create additional regulatory agencies, as proposed by the Obama administration, or create a larger federal role in the industry. There were certainly several causes for the 2008 financial crisis, but nearly all analysts agree that one major factor was irresponsible federal housing policies at Fannie Mae and Freddie Mac. Further federal intervention isn't the answer.

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