AP PhotoGOP Presidential candidate Mitt Romney offered an unprompted defense of the 2008 Wall Street bailout last week. He credited former president George W. Bush and his administration for averting an economic depression. However, when answering a question during a campaign event in Maryland, Romney criticized the 2009 bailout of the troubled automakers engineered by President Obama while praising the Trouble Asset Relief Program of 2008 to prop up the financial services industry. Romney said George W. Bush deserved the lion's share of credit for saving the financial services sector from collapsing in 2008.
Why was Romney so supportive of propping up Fannie Mae, Freddie Mac, and those on the brink of collapse in the mortgage industry, but was opposed to the government's bailout of General Motors and Chrysler. I agree with Romney that the government shouldn't have used taxpayer dollars to bail out GM and Chrysler, but I believe he was wrong in supporting the 2008 bailout of Fannie Mae, Freddie Mac, and AIG, to name a few. How has it benefited the American people for the federal government to step in to bail out the mortgage industry? The bailout of the financial services industry did nothing but stuff the pockets of the political cronies of our elected elite. AIG executives took the bailout money and stuffed their pockets with it. It was very crooked. The problem with the mortgage industry stemmed in part from the government interfering and forcing them to give subprime loans to people who couldn't afford it. It was all about making housing more affordable to minorities. The bailouts were a joke. The Tea Party began as a result of the government bailouts to the private sector. It's not the government's place to bail out the private sector. It's unconstitutional. If a corporation is too big to fail--then it's too big to fail. It needs to be broken up into smaller businesses. There are anti-trust laws on the books to break up monopolies.
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