Main GOP Debate Hosted by Fox Business Channel: Two Disturbing Realizations

There were (at least) two disturbing realizations that flowed from last night's later GOP Presidential Debate.

First, near the bottom of the time period the question was posed to Jeb Bush as to how he would tend to another 2008 style financial crisis and whether or not the banks would be allowed to fail. Jeb dodged the question by saying he would implement measures to prevent a new crisis. The discussion opened up to other candidates and notwithstanding the diversity of backgrounds, experiences, personalities and styles on stage, it became abundantly clear that all were surprised to hear the question and more importantly not one could answer the question persuasively.

Other candidates were asked if they would allow a major bank, such as Bank of America, to fail. The silence was deafening until Ted Cruz brazenly chimed in that he would, to which John Kasich commented that such an answer showed Cruz’ lack of experience and desire to put his philosophical dogma above the practical and probably horrific ramifications of allowing a behemoth like Bank of America to fail. More significantly, the chronic interrupters were speechless; No tough talk from Trump, no words of wisdom from Carson, no lectures from Carly, no platitudes from Marco; nobody had any ideas. I would have liked the opportunity to hear from former presidential candidates Mitt Romney on the topic or for that matter Newt Gingrich or Rudi Giuliani, or even current candidates Christie and Huckabee who were not allowed to attend this time. I imagine their contributions could have been meaningful. Of course, that's just speculation on my part.

With the national debt, the role of the Federal Reserve and overall government fiscal responsibility being key issues among GOP candidates, one would expect someone on that stage to have something to say worth hearing on that topic. I vacillate on whether it is more pathetic that they were aware of the issue’s relevance but were ill prepared to answer or that some or all on that stage are still oblivious to the fact that the global economy right now is in many ways even more vulnerable today than it was in 2007-8.

This is no partisan attack on Republicans. The Democrat candidates appear even more out to lunch on the topic as they don’t even bother to discuss the fiscal integrity of our government or the banking system. The fact that our current debt ($19 Trillion) together with unfunded future liabilities from entitlement programs ($200 Trillion) amounts to more than 10 times our GDP does not seem to faze Democrats in the least, so why would a financial and banking crisis worry them? Their standard answer for all problems is to spend more money, by largely borrowing without restraint and to a lesser extent confiscating wealth of private individuals through onerous taxes. Their view is apparently that the government can solve any problem if it throws enough money at it.

The second realization is far more disturbing especially in light of the fact that no one running for president apparently has the first clue about how to deal with another financial/banking crisis. Last night, John Kasich commented (erroneously I hope) that depositors can't be allowed to lose their deposits in the event of a bank failure. Whoa John, are you forgetting about FDIC insurance? The moderators and the other panelists didn't correct him! Did I miss something? Are depositors now considered bank creditors subject to bankruptcy law? Someone needs to answer that one quickly.

As far as I am concerned all the participants in last night's debate earned a big fat failing grade for that collective performance on that one issue, and that performance should convince voters that America needs a President extraordinarily prepared for the extraordinary challenges that await us. Marco Rubio, when asked about his lack of experience to be President, especially compared to Hillary Clinton, gave a laughable answer that reminded me of an old joke about a job applicant when asked for a resume answers that he did not have one because he does not like to dwell on the past. Rubio believes his candidacy should be judged on his vision for the future. Really Marco? The fact that you can’t appreciate the value of solid relevant experience in undertaking arguably THE most difficult job in the world proves you lack the maturity and judgement for the job. Rubio would have been better served by saying that Mrs. Clinton, for all her so-called experience and for all her years in government service, had very few accomplishments to show for it.