Friday, January 29, 2010

Romney: TARP was necessary

On Neil Cavuto's show yesterday, Mitt Romney defended the decision to reconfirm Ben Bernanke and also noted that TARP -- though politically-unpopular -- was necessary (video here).

"Well, it [TARP] was the right thing to do. You know, I remember talking to Senator McCain -- and he was in the middle of a presidential campaign -- he said "Look, it is very bad politics to be for TARP. On the other hand, it's the right thing for the country."

And that's why he voted for it. That's why a lot of Republicans voted for it -- they knew it was bad politics. But they also recognized that if we saw a cascade of bank failures -- one after the other, after the other -- that the entire free economy would grind to a halt in this country and probably in various places around the world.

We were on a precipice which, you know, now we can sit back and say "Oh, it wasn't so scary." Well, frankly, it was a very scary time for a lot of people. And that's something which was resolved."