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Press Release - Rick Perry Opposes Wall Street Bailout Supported By Mitt Romney

October 18, 2011

While Mitt Romney continues to support the Wall Street bailout (TARP) passed by Congress in 2008, Rick Perry opposes bailouts and issued a statement before the TARP vote to remind Congress, "In a free market economy, government should not be in the business of using taxpayer dollars to bail out corporate America." [1]

Meanwhile, there are numerous examples of Mitt Romney supporting the $700 billion Wall Street bailout (TARP) from 2008-2011, including his defense of TARP at last week's GOP debate.

2011: "My experience tells me that we were on the precipice, and we could have had a complete meltdown of our entire financial system, wiping out all the savings of the American people. So action had to be taken." [2]

2010: "I think it's something that we have to pursue at this stage." [3]

2009: "Though I know we didn't all agree on TARP, I happen to believe it was necessary to prevent a cascade of bank collapses." [4]

2008: "I think had President Bush and Secretary Paulson and Ben Bernanke not pushed for a TARP-type program, we were going to be in a free fall that would cause the collapse of not just a few banks in Wall Street, but banks all over the country, killing not only a few jobs but all the jobs in this country ... It was the right thing to do." [5]

As Chairman of the Republican Governors Association (RGA), Rick Perry co-wrote a letter with West Virginia Governor and Democratic Governors Association (DGA) Chairman Joe Manchin calling on Congress to take action in October 2008, but the joint letter was not an endorsement of TARP. [6]

As the Austin American-Statesman reported on 10/3/08: Brian Namey, a spokesman for the Democratic Governors Association, said the letter was "not an endorsement of any particular plan." [7]

Two days before the joint RGA-DGA letter, a well-publicized alternative proposal drafted by the Republic Study Committee, chaired by Rep. Jeb Hensarling, was released. [8]

Sources

[1] Statement from Gov. Rick Perry, 10/1/08, http://governor.state.tx.us/news/press-release/11363/

[2] GOP debate, 10/11/11, http://www.realclearpolitics.com/video/2011/10/11/mitt_romney_defends_ta... (1:35 mark of video)

[3] Mitt Romney CNBC interview, 9/22/08, http://video.cnbc.com/gallery/?video=864375963 (2:54 mark)

[4] Mitt Romney speech to CPAC, 2/27/09, http://www.youtube.com/watch?v=mQrByrnvHeA&t=1m0s (1:00 mark)

[5] Mitt Romney Fox News interview, 1/28/10, http://www.youtube.com/watch?v=aX6T—U8Ll8&t=3m8s (3:08 mark)

[6] RGA & DGA Joint Letter to Congress, 10/1/08, http://rga-org.myrga.org/index.php?option=com_content&view=article&id=13...

[7] "Perry's stand on bailout could be governor's race issue," Austin-American-Statesman, 10/3/08, http://www.statesman.com/news/content/region/legislature/stories/10/03/1...

[8] Republican Study Committee Economic Rescue Alternative Plan, 9/29/08, http://www.scribd.com/doc/69160873/RSC-Rescue-Alternative-9-29-08

Rick Perry, Press Release - Rick Perry Opposes Wall Street Bailout Supported By Mitt Romney Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/297704

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