Wednesday night's Republican debate gave CNBC’s Jim Cramer and Republican presidential primary candidate Herman Cain an outlet to express dissatisfaction with excessive federal financial regulations.
“When the economy was going great, sir, there was no trust,” Cramer said, according to FoxNews.com. “When the economy was going great, people were getting ripped off and there was insider trading. When the economy was going great, people were getting hurt in the stock market.”
Cramer then told Cain to “forget the economy” and asked him to “talk about the way the market is regulated.”
Cain immediately responded by telling Cramer that he “felt his pain.”
“Jim, you've got to provide certainty in this environment so businesses will grow,” Cain said, FoxNews.com reports. “They have been in a mode of survive. They need to be in a mode of growth. That's where we have got to do first.”
Cain said he agreed with his primary opponents who want to repeal the Dodd-Frank Act and believes the repeal should be a top priority for three big reasons.
“Number one, it doesn't provide oversight for Fannie Mae and Freddie Mac,” Cain said, according to FoxNews.com. “And we all agree that that was a catalyst for the meltdown in 2008.”
“The two other biggest problems with Dodd-Frank are Dodd and Frank,” Cain said, referring to the two cosponsors of the bill, Rep. Barney Frank (D-Mass.) and former Sen. Christopher Dodd (D-Conn.), FoxNews.com reports.