The Bank Bailout Is Over but the Fallout Continues

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The Troubled Asset Relief Program was rolled out two years ago in the midst of a worldwide financial panic by George Bush's Treasury Secretary Henry Paulson.  Introduced as a $700 billion bank bailout, it only spent a bit over half that much before officially ending last Sunday, and it might end up costing just $29 billion. Cheap at the price if it staved off a Depression, why is it one of the most unpopular programs in history? TARP saved Wall Street, AIG, General Motors and Chrysler, but failed to keep homeowners out of foreclosure and banks still are not lending. Now Senators and Representatives members of both parties, and the Obama Administration are playing an enormous political price. Do bankers getting bigger bonuses than ever think the government will bail them out next time?  What are the prospects of that?




Warren Olney