Mitt Romney defended the 2008 TARP bailout, declaring that it was necessary in order to prevent the collapse of America’s financial and monetary system.
“My experience tells me that we were on the precipice, and we could have had a complete collapse of the banking system, wiping out the savings of all the people,” said Romney.
He did, however, criticize the implementation of TARP, and the use of the funds for such purposes as the bailout of the U.S. auto industry.