Tuesday, October 20, 2009

Year After TARP: $700 Billion Down the Drain by Randall Holcombe

I remember this vote very clearly as I watched so many politicians sell out to this wasteful behemoth of a bill. Nothing good came of it then, nothing good will come of it now. Lesson learned: stick to your principles, even when everyone around you is panicking. Chances are high that you may end up right in the end despite the economically-illiterate media and your fellow goofball members of Congress. We are also now in the grips of a serious depression (No! You can't say that!), so be wary of any talk of recovery and protect your ASSets. As this article goes on to say:

TARP, the Troubled Asset Relief Program, is a year old now. On September 19, 2008, former Treasury Secretary Henry Paulson announced the need for a $700 billion program to purchase toxic assets held by banks to prevent a financial meltdown, and after some modification Congress rapidly approved TARP on October 3. Looking back after a year, was TARP necessary? Did it work?

The answers are No, and No.

Read more here.

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