Santorum on Bailouts: 'Obama Just Following Suit'

Fmr. senator says 'President Bush set the precedent' on government intervention.
3:00 | 02/16/12

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Transcript for Santorum on Bailouts: 'Obama Just Following Suit'
How would you have you voted -- department. In particular for the auto loans to GM and Chrysler. Romney has stated he would not have supported the decision to bailout the auto industry 2000. Ask her that. I dig a little different for this position the governor -- Got around he supported. The bailout of Wall Street. And decide not to support the bill out of Detroit. My feeling was that we should not support the government should not be involved bailouts period. I think that's a much more consistent position. It's one that that I if you if you look at. With -- -- it's not -- administration. Governor focused on Obama administration. And it's the reason he does is because he supported what the Bush Administration. Why didn't I oppose Bush Administration. If you've been -- consistent critic evident when I was in. It was not public life at the time certainly wasn't back in 2008. Considered any kind of run for office again. But I did. Make -- opinions within the administration. What I thought they were doing was wrong. -- yet they've plowed ahead. Anyway. And did some things that were I think injuries to two captain's. First by doing out there stars in the first place biggest mistake. What they should have done -- let the market work. Once they started picking winners and losers sound familiar once it started picking winners and losers and the market decided -- we can just wait. Since the government's going to be involved just wait for them to do it. And that led to a path of Wall Street bailouts and auto show us where we just stayed out -- -- completely and let the market work. I believe the market would have worked. With the auto industry look different than it does today yes it would be. Would still be alive and well I think it would be alive and an equally as well it's not that. Why because markets would have the markets would have had to react and do what was necessary to to structure to be competitive look. The facilities that are creating huge profits right now are there and would be there. Problem wasn't the facilities of the workers. It was the obligations that these legacy companies -- that they couldn't they couldn't. I went through this in the still industry I know what this is like no doubt about this illness. It's still registry smaller than it was before yes is it profitable depends depends on the year. But it was been profitable for most years. Why because they -- right -- they use of facilities that were efficient and they -- we're about compete. So I just believe that you you know that. Make you -- government involved. Sets a precedent that now is set in America that would make it easier for the next president. To step -- make the argument for why government should take over and well exceed health care industry or some other business. Say that this is this is the role of government we've now -- under Republican and democratic -- action by President Bush more than I do president Bob responses offices. President Bush set the precedent the wrong precedent. And I think that well. There may -- companies today they're doing well obviously a couple companies here are the long term consequences this country. And they haven't had set the -- the role of government economy's not.

This transcript has been automatically generated and may not be 100% accurate.

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