Excerpt
As of today, the Troubled Asset Relief Program, known as TARP, the emergency bailouts born in the financial panic of 2008, is no more. Done. Finished. Kaput.
Last month the Congressional Oversight Panel issued a report assessing the program. It makes for grim reading. Once it is conceded that government intervention was necessary and generally successful in heading off an economic disaster, the narrative heads downhill quickly: TARP was badly mismanaged, the report says, it created significant moral hazard and failed miserably in providing mortgage foreclosure relief.
That may not seem like a shocking revelation. Everyone left, right, center, red state, blue state, even Martians — hated the bailout of Wall Street, apart of course from the bankers and dealers themselves, who could not even manage a grace moment of red-faced shame before they eagerly restocked their far from empty vaults. A perhaps bare majority, or more likely just a significant minority, nonetheless thought the bailouts were necessary. But even those who thought them necessary were grieved and repulsed. There was, I am suggesting, no moral disagreement about TARP and the bailouts — they stank. The only significant disagreement was practical and causal: would the impact of not bailing out the banks be catastrophic for the economy as a whole or not? No one truly knew the answer to this question, but that being so the government decided that it could not and should not play roulette with the future of the nation and did the dirty deed.
Bold emphasis mine
Reminder; TARP came FROM G.W. BUSH.
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