Herman Cain on TARP
As the financial crisis unfolded, Herman Cain expressed an opinion that something needed to be done by the government. He stated that the US government was the only entity with shoes big enough to fill the void left by the economic collapse. As opposition to the TARP plan mounted, Mr. Cain stated that the plan was far from nationalization and would be a win-win for taxpayers. He mocked those who expressed concern that the plan would lead to a takeover of the banking industry.
Months after the TARP plan went into affect, Herman Cain wrote that the plan had not been carried out as the legislation stated, noting that preferred stock was called for in the legislation but this restriction was not being adhered to by Congress. During the 2012 election, he has expressed opposition to the manner in which the plan was carried out.
North Star Writer's Group
On October 20, 2008 Herman Cain published an article for the North Star Writer's Group in which he discussed his support for TARP. He states that owning a portion of the banks is not a bad deal and calls those who oppose the plan "free market purists."
On October 27, 2008, Herman Cain wrote an article discussing the ability of the US to fill the shoes needed to address the problems caused by the economic downturn through a program like TARP.
Barney Frank is a Crook
In July of 2009, Herman Cain wrote an article discussing legislation proposed by Congressman Barney Frank which would have allowed Congressman Frank to use funds from TARP repayments for purposes other than paying down the debt.
NW Iowa Politics
On May 8, 2011 NorthWest Iowa Politics asked Herman Cain about his position on the TARP legislation and bailouts in general. Mr Cain asserts that he opposes all bailouts and that companies that fail should be allowed to collapse.
Shark Tank Media Interview
In March of 2011, Herman Cain was interviewed by Shark Tank Media. He stated that he supported the TARP program under the belief that the program as sold was necessary. The implementation of the program was different than the stated purpose and the rules were made up as the they went along.
New Hampshire Debate
In August of 2011, Herman Cain participated in the Republican Debate in New Hampshire. He states that while he initally supported the TARP program, but when the administration began to implement it on a discretionary basis, he opposed it.
The Western Debate
In October of 2011, Herman Cain participated in the Western Debate in Las Vegas. He agrees that he initially supported the TARP program, but that he opposed the method of implementation.
COOPER: Mr. Cain, I want you to be able to respond. Thirty seconds.
CAIN: I have said before that we were in a crisis at the end of 2008 with this potential financial meltdown. I supported the concept of TARP, but then, when this administration used discretion and did a whole lot of things that the American people didn't like, I was then against it. So yes, and I'm owning up to that.
Now, getting back to the gentleman's question in terms of what we need to do, we need to get government out of the way. It starts with making sure that we can boost this economy and then reform Dodd-Frank and reform a lot of these other regulations that have gotten in the way --