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The tarp program was nevertheless necessary to keep banks from collapsing in a cascade of failures.
-Mitt Romney
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The Tarp Program Was Nevertheless Necessary To

Mitt Romney
The tarp program was nevertheless necessary to keep banks from collapsing in a cascade of failures.
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Program Cascade Nevertheless

More From Mitt Romney

I passionately disagreed with treasury secretary hank paulson's plan to bail out the banks by using a public fund called the troubled asset relief program (tarp) to help banks take toxic assets off their balance sheets. i argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
Balance Toxic Relief
I have tried to devote my life - with all my husband failures, father failures, pastor failures, friend failures, any other possible failures i'm sure i've done them - to the god-centeredness of god and my aspiring, yearning to join him in that activity. god is passionate about hallowing the name of god.
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I suggested a compromise to give the banks a year's time and see if they succeed in showing us that nationalization wasn't necessary. the year went by and we realized it hadn't done any good, that the money still ended up in the hands of the rich industrialists or friends of the bankers. so i concluded that it was necessary to nationalize the banks. and we did. without considering it a socialist gesture or an antisocialist gesture, just a necessary one. anyone who nationalizes only so as to be considered on the left to me is a fool.
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Not every company went bankrupt. not every bank needed tarp [troubled asset relief program]. so i'm very proud that jpmorgan, throughout that time period, was completely steadfast. we bought bear stearns because we thought we were helping the situation. we didn't cut and run.
Running Cutting Relief
This is the first global crisis that doesn't start in poor countries and it was caused by the rich countries. so it's necessary to take advantage of this crisis - the financial system has to be regulated. it's necessary that the central banks in the world should control a little bit the banks' financing, because they cannot bypass a certain range of leverage. and i believe that there's no other - more any reason for a g-8 group or any other "g." i believe that we should guarantee that the g-20 should be now an important forum to discuss the major economic issues of the world.
Country Believe Important
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, silicon valley. in this case i think he was referring to some of the european banks shedding assets, and the big buyers are probably not going to be big american banks. someone like blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
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