April 1, 2010


No one likes TARP, but it's working (Washington Post, April 1, 2010)

THE TROUBLED Assets Relief Program (TARP) goes out of business in October, and not many Americans will be sorry to see it fold. The $700 billion program, hastily improvised at the height of the global financial panic in September 2008, broke all the rules of free-market capitalism. It put taxpayer money at risk to bail out banks, auto industries and insurance companies, including one behemoth, American International Group, whose irresponsible gambling in the derivatives markets infuriated even the usually placid Federal Reserve chairman, Ben S. Bernanke. Small wonder that the original TARP legislation barely made it through Congress, amid rhetoric about Wall Street greed and creeping socialism.

Yet today it is clear that TARP not only has been successful but, in a real sense, also a great deal for taxpayers.

So if Hoover is to be eternally reviled for the Great Depression, ought not George W. Bush be celebrated to the opposite extreme for saving the economy?

Posted by Orrin Judd at April 1, 2010 12:25 PM
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