History will record TARP, stimulus as major successes
11:24 am November 30, 2010, by Jay
The much-reviled TARP — that socialistic, hugely expensive, $700 billion monument to foolish government intervention — will end up costing the federal government a grand total of about $25 billion, the Congressional Budget Office now estimates.
Among other things, TARP also happened to save Wall Street from total collapse, prevented a slide into global economic depression and — oh yeah — helped preserve about a million jobs at Chrysler and GM.
No, it wasn’t perfect. Nothing cobbled together in such haste could have been perfect. But history will note two important things about TARP:
1.) It was an enormous economic success story;
2.) Those who guaranteed its failure, bitterly fought its passage and continue to belittle it have somehow managed to turn their opposition into political gold.