CALDERON: Many believe those spending bills were a crucial part of stabilizing the economy back then. Would you support bailouts for industries that are being crushed by the coronavirus outbreak now?
SANDERS: I did, you're quite right. I voted against the bailout because I believed that the illegal behavior being done by the people on Wall Street should not be rewarded by a bailout. And today, by the way, those banks are more prosperous and own more assets, by and large, than they did back then. They are bigger now than they were then. I thought at the time that in the midst of massive income and wealth inequality the people on top, through a surtax on the very wealthy, should bail out. And it's not just the TARP bailout. We gave trillions of dollars in zero interest loans to large banks. But to answer your question where we are right now, we need to stabilize the economy, but we can't repeat what we did in 2008. Joe voted for that. I voted against it. Because we have got to do more than save the banks or the oil companies. Our job right now is to tell every working person in this country, no matter what your income is, you are not going to suffer as a result of this crisis of which you had no control.
CALDERON: Vice President Biden?
BIDEN: Had those banks all gone under, all those people Bernie says he cares about would be in deep trouble. Deep, deep trouble. All those little folks, we would have gone out of business. They would find themselves in position where they would lose everything they had in that bank, whether it was $10 or $300 or a savings account. This was about saving an economy. And it did save the economy. And the banks paid back. And they paid back with interest. I agree with Bernie. Someone should have gone to jail. That was the big disagreement I had in terms of bailing out. But the question was, they paid back. In addition to that, it also -- part of that was bailing out the automobile industry. Saving thousands of jobs. Tens of thousands of jobs over time. He voted against that as well.
SANDERS: No. I did not vote against that. That bailout money was used later on by Bush to protect the automobile industry. But here's the point. One minute, one minute. Here's the point here, is that in terms of that bailout, there are ways that you can bail out. When you have a handful of people who have incredible wealth who have prospered off of the illegal behavior of individuals, in this case on Wall Street, you know what you say to them? And I did. I said this to the secretary of treasury. You want a bailout? That's fine. Have your friends pay for it, not working people. The other point is, Joe should know, it wasn't just the $700 billion TARP program. The Fed gave trillions and trillions of dollars in zero interest loans to every financial institution in this country and central banks all over the world. That was essentially a grant. Because they then could sell that -- they could then bring in interest rates much greater than the zero interest loans that they got.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "CALDERON: Many believe those spending bills were a crucial part of stabilizing the economy back then. Would you support bailouts for industries that are being crushed by the coronavirus outbreak now?
SANDERS: I did, you're quite right. I voted against the bailout because I believed that the illegal behavior being done by the people on Wall Street should not be rewarded by a bailout. And today, by the way, those banks are more prosperous and own more assets, by and large, than they did back then. They are bigger now than they were then. I thought at the time that in the midst of massive income and wealth inequality the people on top, through a surtax on the very wealthy, should bail out. And it's not just the TARP bailout. We gave trillions of dollars in zero interest loans to large banks. But to answer your question where we are right now, we need to stabilize the economy, but we can't repeat what we did in 2008. Joe voted for that. I voted against it. Because we have got to do more than save the banks or the oil companies. Our job right now is to tell every working person in this country, no matter what your income is, you are not going to suffer as a result of this crisis of which you had no control.
CALDERON: Vice President Biden?
BIDEN: Had those banks all gone under, all those people Bernie says he cares about would be in deep trouble. Deep, deep trouble. All those little folks, we would have gone out of business. They would find themselves in position where they would lose everything they had in that bank, whether it was $10 or $300 or a savings account. This was about saving an economy. And it did save the economy. And the banks paid back. And they paid back with interest. I agree with Bernie. Someone should have gone to jail. That was the big disagreement I had in terms of bailing out. But the question was, they paid back. In addition to that, it also -- part of that was bailing out the automobile industry. Saving thousands of jobs. Tens of thousands of jobs over time. He voted against that as well.
SANDERS: No. I did not vote against that. That bailout money was used later on by Bush to protect the automobile industry. But here's the point. One minute, one minute. Here's the point here, is that in terms of that bailout, there are ways that you can bail out. When you have a handful of people who have incredible wealth who have prospered off of the illegal behavior of individuals, in this case on Wall Street, you know what you say to them? And I did. I said this to the secretary of treasury. You want a bailout? That's fine. Have your friends pay for it, not working people. The other point is, Joe should know, it wasn't just the $700 billion TARP program. The Fed gave trillions and trillions of dollars in zero interest loans to every financial institution in this country and central banks all over the world. That was essentially a grant. Because they then could sell that -- they could then bring in interest rates much greater than the zero interest loans that they got." in the context of "" to mean that wisdom is timeless.