WASHINGTON – Refuting the somewhat conventional wisdom among policymakers that some financial institutions are "too big to fail," two of the GOP's most prominent senators said it might not be in the country's interest to keep propping up failing banks.
In separate Sunday television appearances, Sens. John McCain and Richard Shelby said allowing the free market to work its will might be painful but could have an upside.
"I don't think they've (the administration) made the tough decisions. Some of these banks have to fail," McCain (R-Arizona) said on "Fox News Sunday."
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He didn't specify to which banks he was referring and refused to elaborate when asked a follow up.
Shelby (R-Alabama), his party's ranking member on the Banking Committee, the ranking Republican was more specific.
"Close them down, get them out of business. If they're dead, they ought to be buried," he said on ABC's "This Week." "We bury the small banks, we've got to bury some big ones and send a strong message to the market."
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