Mitt Romney is in favor of the $700 billion TARP corporate-welfare bailout.

Mitt Romney is in favor of the $700 billion TARP corporate-welfare bailout that was signed by President Bush, and voted for by Senators McCain and Obama. What this means is that for two consecutive Presidential elections, all of the candidates from the two major parties are people who are in favor of TARP.

I am saddened by this.

These bailouts reward illegal and irresponsible behavior. And when that happens, it’s the same thing as punishing the law-abiding, responsible people who played by the rules. This is a terrible injustice. From a moral perspective, it is completely reprehensible.

It also creates horrible incentives. Instead of trying to make money honestly, the corporations that benefited from these bailouts will be encouraged to make their money by lobbying the government. TARP has taught corporations that it is a good idea to lobby the government for special favors. That is a tragic shame.