Nikki R. Haley

“One of the issues that animated the Tea Party in South Carolina and nationally during my campaign for governor was bailouts. The debate started with the Troubled Asset Relief Program (TARP) passed by Congress in 2008 and signed by President Bush. The TARP bailout was a perfect example of government not understanding the value of a dollar. It was a quick fix to get everyone to calm down. But what did it actually do? The banks that received the money didn’t expand lending to businesses. They used the cash to help their own books, and the taxpayers were put on the hook as loan guarantors. No one—not the politicians who encouraged the recklessness, not the quasi-governmental entities like Fannie Mae that got rich off it, and certainly not the Wall Street firms that got bailed out—was ever held accountable. And the American people ended up worse off than they were before. As a small businessperson, I found the message government was sending incredibly offensive. In my version of capitalism, if a company succeeds, you don’t punish it by raising its taxes; and if a company fails, you don’t reward it by having the taxpayers bail it out. TARP opened the floodgates for a wave of unaccountable spending that flowed out of Washington. Soon afterward, President Obama bailed out the auto industry to rescue big labor. His allies in Congress passed the $787 billion stimulus bill, most of them without having read it. And he forced through a trillion-dollar health-care takeover. With each bailout, more and more of us felt we were getting further and further from what America was meant to be: a free and striving people with a limited and accountable government. Instead, Washington was revealing itself to be an inside game, with the rules fixed to benefit the establishment. The rules favor the well connected, while the rest of us in flyover country pay the bills.”
― Nikki R. Haley, Can't Is Not an Option: My American Story