Mitt Romney was for the TARP bank/insurance company bailout program before he was against them. The Washington Independent has the coverage of this flip here.
Romney in February speaking to CPAC:
I know we didn’t all agree on TARP. I believe that it was necessary to prevent a cascade of bank collapses. For free markets to work, there has to be a currency and a functioning financial system.
Romney in September speaking to VVS:
When government is trying to take over health care, buying car companies, bailing out banks, and giving half the White House staff the title of czar – we have every good reason to be alarmed and to speak our mind!
I believe it is clear that Romney was in favor of TARP only by necessity, and had he been in charge of TARP he would have done it dramatically differently. TARP is a failure, not to mention a government overreach, which is what he is really complaining about in quote 2, along with the mass of American people.
You are manufacturing an inconsistency here.
I’ve met Mitt, and can verify he has only one face.
Mitt DID NOT flip-flop. Mitt supported TARP because the alternative of doing nothing at the time was far worse. With that in mind, TARP has been used in ways it was not created to be used in and is now a terrible mess. Mitt never supported the way TARP was used and didn’t support it doing anything besides stopping the credit market from completely freezing which would’ve caused the economy to crumble within days. Anyone who has ever run a business knows how much business relies on short-term loans for things like payroll. If a business can’t get those loans, they are forced by law to go bankrupt and our economy was on the verge of a massive collapse like that. Mitt being an adult and doing the right but unpopular think back then is a big reason why I know he will make a great president!
How about this for a concept? When a business goes bankrupt, it is due to financial irresponsibility of the owners. Their assets, through the bankruptcy process, change hands and go to others who might be more responsible with them. In the short term, there is some pain, but in the long term there is less pain than if you use taxpayer dollars for a TARP plan. How about allowing the free market to work the way that it’s intended to? Ever heard of capitalism? It’s a pretty basic principle.