Posted by
Always To The Right on Tuesday, October 27, 2009 2:27:19 PM
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We were wrong about TARP
The Troubled Asset Relief Program will expire on December 31, unless
Treasury Secretary Timothy Geithner exercises his authority to extend
it to next October. We hope he doesn't. Historians will debate TARP's
role in ending the financial panic of 2008, but today there is little
evidence that the government needs or can prudently manage what has
evolved into a $700 billion all-purpose political bailout fund.
TARP also became another fund for Congress to pay off the already
heavily subsidized housing industry by financing home mortgage
modifications. Not one cent of the $50 billion in TARP funds earmarked
to modify home mortgages will be returned to the Treasury, says the
Congressional Budget Office.
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