CLINTON: You can look at what I did in the Senate. I did introduce legislation to rein in compensation. I've laid out a very aggressive plan to rein in Wall Street--not just the big banks. That's a part of the problem and I am going right at them. I have a comprehensive, tough plan. But I went further than that. We have to go after what is called the shadow banking industry. Those hedge funds. Look at what happened in '08, AIG, a big insurance company, Lehman Brothers, an investment bank helped to bring our economy down. So, I want to look at the whole problem and that's why my proposal is much more comprehensive than anything else that's been put forth.
CLINTON: For me, it is looking at what works and what we need to do to try to move past what happened in '08. And AIG was not a big bank. It had to be bailed out and it nearly destroyed us. Lehman Brothers was not a big bank. It was an investment bank. And its bankruptcy and its failure nearly destroyed us. So I've said, if the big banks don't play by the rules, I will break them up. And I will also go after executives who are responsible for the decisions that have such bad consequences for our country.
Gov. O'MALLEY: I believe that the goal should be debt-free college. I believe that our Federal Government needs to do more on Pell grants. We should lower these outrageous interest rates that parents and kids are being charged by their own government.
CLINTON: I believe that we should make community college free. We should have debt-free college if you go to a public college or university. You should not have to borrow a dime to pay tuition. I want to use Pell grants to help defray the living expenses that often make a difference, whether a young person can stay in school or not. I disagree with free college for everybody. I don't think taxpayers should be paying to send Donald Trump's kids to college. I think it ought to be a compact: families contribute, kids contribute. And together we make it possible for a new generation of young people to refinance their debt and not come out with debt in the future.
CLINTON: Well, I think it's perfectly fair to say that we invested quite a bit in development aid. Some of the bravest people that I had the privilege of working with as secretary of state were our development professionals who went sometimes alone, sometimes with our military, into very dangerous places in Iraq, in Afghanistan, elsewhere. So, there does need to be a whole of government approach, but just because we're involved and we have a strategy doesn't mean we're going to be able to dictate the outcome. These are often very long- term kinds of investments that have to be made.
O'MALLEY: I was the first person on this stage to say that we should accept the 65,000 Syrian refugees that were fleeing the sort of murder of ISIL, and I believe that that needs to be done with proper screening.
Q: Secretary Clinton, how do you propose we screen those coming in to keep citizens safe?
CLINTON: I think that is the number one requirement. I also said that we should take increased numbers of refugees. The administration originally said 10. I said we should go to 65, but only if we have as careful a screening and vetting process as we can imagine, whatever resources it takes because I do not want us to, in any way, inadvertently allow people who wish us harm to come into our country.
CLINTON: I represented New York on 9/11 when we were attacked. We were attacked in downtown Manhattan where Wall Street is. I did spend a whole lot of time and effort helping them rebuild. That was good for the economy and it was a way to rebuke the terrorists who had attacked our country.
Q [after break]: A viewer tweeted, "I've never seen a candidate invoke 9/11 to justify millions of Wall Street donations until now." Yes, you were a champion of the community after 9/11, but what does that have to do with taking donations?
CLINTON: I worked closely with New Yorkers after 9/11 for my entire first term to rebuild. So, I've had a lot of folks give me donations who say, "I don't agree with you on everything, but I like what you do. I like how you stand up."
CLINTON: Look, we need more Americans to be involved in the political process. And I give Senator Sanders a lot of credit for really lighting a fire under many people--young, old, everybody--who sees a chance to be involved and have their voice heard. Look at what's happening with the Republicans. They are doing everything they can to prevent the voices of Americans to be heard. They're trying to prevent people from registering to vote. So, we do need to take on the Republicans very clearly and directly. But the other thing I just wanted quickly to say is, I think President Obama deserves more credit than he gets for what he got done in Washington, despite the Republican obstructionists.
CLINTON: I said I made a mistake on Iraq, and I would love to see Senator Sanders join with some of my Senate colleagues in addition the Senate that I see in the audience. Let's reverse the immunity. Let's put the gun makers and sellers on notice that they're not going to get away with it.
SANDERS: Let's do more than reverse the immunity.
Q: Was that a mistake, Senator?
SANDERS: Let me hear if there's any difference between the Secretary and myself. I don't know that there's any disagreement here.
Gov. O'MALLEY: This is a new era of conflict where traditional ways of huge standing armies do not serve our purposes as well as special ops, better intelligence and being more proactive.
Secretary CLINTON: We do have to take a hard look at the defense budget and we do have to figure out how we get ready to fight the adversaries of the future, not the past. But we have to also be very clear that we do have some continuing challenges. We've got challenges in the South China Sea because of what China is doing in building up military installations. We have problems with Russia: they allowed a TV camera to see the plans for a drone submarine that could carry a tactical nuclear weapon. So we've got to look at the full range and then come to some smart decisions about having more streamlined and focused approach.
Gov. O'MALLEY: We've actually been focusing on border security to the exclusion of talking about comprehensive immigration reform. The truth of the matter is, net immigration from Mexico last year was zero. Fact check me. Go ahead. Check it out. But the truth of the matter is, if we want wages to go up, we've got to get 11 million of our neighbors out of off the book shadow economy, and into the full light of an American economy.
CLINTON: I think all of us on this stage agree that we need comprehensive immigration reform with a path to citizenship. Border security has always been a part of that debate. And it is a fact that the net immigration from Mexico and South has basically zeroed out.
O'MALLEY: $10.10 was all I could get the state to do. But two of our counties actually went to $12.80 and their county executives would also tell you that it works.
CLINTON: I do take what Alan Krueger said seriously. He is the foremost expert in our country on the minimum wage, and what its effects are. That is why I support a $12 national federal minimum wage. But I do believe that is a minimum. And places like Seattle, like Los Angeles, like New York City, they can go higher. It's what happened in Governor O'Malley's state.
O'MALLEY: Didn't just happen. Yeah, but look. It should always be going up.
CLINTON: You would index it to the median wage, of course. Do the $12 and you would index it.
The above quotations are from CBS Democratic primary debate, in Iowa, Nov. 14, 2015.
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