Rubio on JPMorgan debacle: Can't afford more regulations
Sen. Marco Rubio wil be on Fox Business later and the network has released a transcript. He's asked whether the JPMorgan trading loss will lead to more regulation.
“JPMorgan lost money because they made a bad decision. Businesses lose money all the time," Rubio said. "And you know who they’re accountable to? Their shareholders. I guarantee you the shareholders weren’t happy about the decision that they made or why it happened. But I’m not sure even the existing regulations the president has advocated for could prevent businesses from making bad decisions and losing money. I don’t think we can afford a set of regulations in this country that send out the message that America is not the right place to do business. I’m not defending them. And I’m not defending the decision they made. But the reality of it is that if any business makes a bad decision, their shareholders are going to get hurt by it.”
Rubio was asked abou gay marriage, the debt and other issues. See below.
On Treasury Secretary Tim Geithner saying there is no debt crisis:
“There’s the crisis right there. The fact that Geithner doesn’t think there is one. I mean, the president’s budget was just voted down yesterday 99-nothing. Not even the Democrats will vote for the president’s budget. And the Senate Democrats haven’t offered a budget in over three-and-a-half years. That’s outrageous. And I think for the Secretary of the Treasury to say that there is no crisis when this government will again this year spend over a trillion dollars more than it takes in, I think that right there is the crisis.”
On whether he is a potential running mate for presidential candidate Mitt Romney:
“I’ve said repeatedly I’m not going to discuss the vice presidential selection process. I’m not going to discuss it in any way. Mitt Romney has a long history of making good decisions in his personal life, in his business life, in his political life. So, I have no doubt he’s going to make a great selection as his running mate. And I’m confident of that, and I’m curious to see who it’s going to be, like everyone is. I'll tell you what I think this country needs. And that is someone who is going to make things better than they've been in the last three and a half years. If that's what this election is about -- and that's what this election should be about -- Mitt Romney is going to be our next president. Because there's no way Barack Obama, with a straight face, can come before the American people and argue that somehow, he has made things better than they were when he got here as President of the United States.”
On President Obama’s position on gay marriage:
“He did it for political reasons because he doesn't want to talk about the economy. What I just pointed to you a moment ago, are you better off today than you were four years ago. He doesn't want that to be what this election is about. And so it's not just on gay marriage, I think every week he'll roll out another issue to distract from it. I think they've actually admitted that it was politically calculated, because they said they were going to make this decision anyway, they just want to do it closer to the convention. He admitted that he was going to announce this anyway, he just wanted it to be around the convention, he wanted it to be even more dramatic. So of course this was all about politics.“
On his opinion on the issue of gay marriage:
“I do believe that marriage is an institution where there's a union between one man and woman, and that's my personal belief. I think people of good faith can disagree with me, and in many states, they've made a different decision than that. Ultimately, marriage has always been regulated by states, so I think that's where it remains and where it should remain.”
On Bill Clinton’s comments that we should let the Bush tax rates expire:
“If you raise taxes on an economy that isn’t growing, you’re going to destroy it. The only way for us to find ourselves out of this problem that we face today is the combination of rapid, explosive economic growth combined with a new sense of fiscal discipline. The problem with the tax increases that former president Clinton is outlining is that they will prevent or hold back the kind of rapid economic growth that we need.”
On the case of Brazilian born Eduardo Saverin, renounced his U.S. citizenship:
“I’m not going to celebrate what he’s done or the decision that he’s made. We were elected to deal with the big issues, not one guy, and the bigger issue here is that the U.S. is becoming a less and less friendly place for some people to do business. And people are looking to move their companies and their assets overseas because of that. So, I think that’s really the issue we should focus on more. I’m not excusing what he’s done. I’m not celebrating it. I’m not telling you I’m happy about what I’ve read with regard to this one person and the decision that he’s made.”