I've said many times here that TARP is the only thing government has done in the face of the liquidity crisis and the concomitant recession that has actually helped make things better. The stimulus has done nothing, the efforts to "keep people in their (houses) homes" have been for naught, and extending unemployment benefits simply removed incentive for people to find jobs quicker. TARP ungummed the works and got the country moving again. Now it seems, the $700B price tag will come in at a more palatable $100B as the Government begins to sell its equity in many of the banks it propped up for profit.
The thing that bothers me most about this Editorial is that except for dating the measure (September 2008), it is SILENT as to whom should be given credit for it. Well, that's because it is George W. Bush, the man who agreed to it against his political instincts because he knew the country was in deep trouble and needed immediate, palpable action. But success doesn't fit the Bought and Paid For Media's view of GWB, so he goes unnamed.
Meanwhile HufPo Argues that what's wrong with America is that it is no longer innovative. But the fix for this lack of innovation: government intervention. A gem of liberal worldview denial.
ReplyDeletehttp://www.huffingtonpost.com/arianna-huffington/the-imperative-need-for-a_b_519100.html
I agree it averted a financial meltdown but 'got things moving again'. Sorry, I ain't buying.
ReplyDeleteYou want to reform Wall Street? Enforce the anti-trust laws.
Praising GWB for fixing the financial crises is kind of like applauding an arsonist for putting out a fire. I supported the bail out, but I think if you going to give credit to GWB, you have to hold someone accountable for the melt down as well. After all, it did happen under his watch.
ReplyDeleteYou know Anon, I don't accept that. The financial crisis of 2008--although it happened on Geo Bush's watch--was not solely his fault. What came to pass was the confluence of many things, some started under previous presidents. Yes, some of it was his fault--and he should be criticized for it (as I have here on this blog MANY times--specifically, the "ownership society" he pushed and how damaging it wast to have so many people who couldn't really afford to buy houses doing so).
ReplyDeleteBut you can point squarely at TARP as the policy of ONE PRESIDENT. ONE MAN made that decision...and he does not have to share credit for it with any other President.