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John Kasich on Corporations

Republican Governor; previously Representative (OH-12); 2000 candidate for President

 


Never let depositors lose their bank deposits

Q [to Sen. Cruz]: Would you bail out the big banks again?

A: Absolutely not!

KASICH: When a bank is ready to go under and depositors are getting ready to lose their life savings, you just don't say we believe in philosophical concerns. You know what an executive has to decide? When there are financial crises, you got to go there and try to fix it. Philosophy doesn't work when you run something.

CRUZ: Why would you then bail out rich Wall Street banks, but not Main street?

KASICH: I wouldn't.

I would not let the people who put their money in there all go down.

CRUZ: So you would bail them out.

KASICH: I would figure out how to separate those people who can afford it versus the hard-working folks who put those money in those institutions.

Source: Fox Business/WSJ First Tier debate , Nov 10, 2015

Worked for Lehman Brothers before the Great Recession

TRUMP [to KASICH]: This was the man that was a managing general partner at Lehman Brothers when it went down the tubes and almost took every one of us with us, including myself. And Lehman Brothers started it all. He was on the board.

KASICH: I wasn't on the board of Lehman Brothers. I was a banker, and I was proud of it. And I traveled the country and learned how people make jobs. We ought to have politicians who not only have government experience, but know how the CEOs and the job creators work.

Source: GOP `Your Money/Your Vote` 2015 CNBC 1st-tier debate , Oct 28, 2015

FactCheck: Managing Director at Lehman, but not Board member

Trump gave Kasich a Lehman Brothers role he didn't have. Trump went after Kasich's work at Lehman Brothers, the firm whose 2008 bankruptcy almost tipped the world economy over the edge. Trump said Kasich was on the board, and Kasich correctly countered that he never was [saying that he was a "banker"]. He was a managing director in the investment banking division until the company's collapse, however. In Ohio, Kasich's opponents tried to blame him for disastrously tying up some state pension money with Lehman. Kasich said he made some introductions but they never led anywhere.

[OnTheIssues note: Politico.com scores this as an error by Donald Trump, but OnTheIssues would score this as an accurate statement by Trump: both "board member" and "managing director in the investment banking division" are high-level influential positions of responsibility. Kasich's counter that he was simply a "banker" attempts to mislead the public that he was not in a high-level influential position].

Source: Politico.com FactCheck on GOP 2015 CNBC debate , Oct 28, 2015

No income taxes on small businesses up to $2M

Low taxes signal to job creators that Ohio is a safe & attractive place to invest. Take the small business owner, for example. The small business that has more money can hire more people. This is not a Republican philosophy. This is just a simple fact. High taxes discourage it. High taxes, especially the income tax, punish a small business owner's willingness to take the risk to hire more people, to invest in improvements, and work harder to be successful. Lower taxes incentivize all of those things.

Source: State of the State address to 2015 Ohio Legislature , Feb 24, 2015

OpEd: Don't pick winners & losers? Offers 12 tax credits

Governors and politicians who constantly proclaim that "government should not pick winners and losers" are doing precisely that, and for good reason: Virtually every state is locked in head-to-head battle with other states for business sitting decisions. To survive such competition, state governments are forced to practice economic policy, whether they choose to admit it or not.

In Governor John Kasich's Ohio, 12 different tax incentives and credits are offered to businesses in particular sectors from manufacturing to technology.

Source: A Governor's Story, by Jennifer Granholm, p.242 , Oct 1, 2005

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Page last updated: Mar 24, 2016