The Troubled Asset Relief Program (TARP) ends Oct. 3 after accomplishing its specific objectives and costing less than originally predicted . During its life, Troubled Asset Relief Program became politicized by Republicans in an effort to discredit the Obama administration and became negatively associated with the unpopular concept of the Wall Street bailout . TARP succeeded in bailing out corporate American within the form of entities such as Wall Street, GM and American International Group. However the average American has yet to see the slightest benefit, which has put Democrats in the surreal position of taking heat for a program hatched by the Bush regime.
That which we spend on Troubled Asset Relief Program
All payments will continue to be collected from Troubled Asset Relief Program although, Sunday, it will no longer give out loan. Fortune at Cable News Network reports that it’s been two years since Congress gave $700 billion to the Treasury Department to prevent an economic collapse. The economy is limping along, Wall Street has resumed pillaging, and TARP’s final bill is much less than originally thought. According to the Treasury, the government only lent $386 billion of the fund. The government is getting the money back at higher rates than they thought it would be at. This week Treasury secretary Tim Geithner said he expected the total cost of TARP to come in under $50 billion.
Because of Troubled Asset Relief Program , bad things occur
The financial system needed saving from the government that came only partly via the TARP, reports the Washington Post. More than $1.5 trillion was distributed by the Treasury and Federal Reserve to help the mortgage and housing market. The bailouts have also helped the government get just a little more control. It is part of the private sectors with this. A socialist takeover is what extremists think will happen soon because of the economic help being done. Political figures that had a yes vote for Troubled Asset Relief Program will end up having significant consequences in the November elections because of the resentment numerous feel towards the government right now.
The issues of Troubled Asset Relief Program
Democrats are fighting for Troubled Asset Relief Program to show that it isn’t that awful of a program. Unfortunately, the Bush administration begun this program really hurting Democrats. ABC News explains that Republicans are excited that TARP isn’t something that the country likes. That means that those associated with the term bailout, President Obama and Democrats, aren’t liked because of the bad connotation. There was a conference on August 10 where Republicans spoke about a bill Democrats are attempting to pass giving $26 billion to a state fiscal aid package. They used the word bailout about 7 times to get the point across. Although the program is already expired, the “Pledge to America” from Republicans claims the program will be ended permanently.
Articles cited
CNN
finance.fortune.cnn.com/2010/10/01/tarp-ends-thrifty-but-unloved/
PMS Money Blog
personalmoneystore.com/moneyblog/2010/07/15/banks-and-bailouts/
Washington Post
washingtonpost.com/wp-dyn/content/article/2010/09/30/AR2010093006621.html
ABC News
abcnews.go.com/Politics/tarp-government-bailout-ends-sunday-started-bush-gop/story?id=11765955
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