Word: tarps
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...stimulate the economy, he argues, is to promote a favorable climate for innovation and then get out of its way. But he's not an absolutist when it comes to government meddling in the markets. Though he denounces the bailout of Detroit carmakers, Romney is a backer of TARP, though he couches his position with a caveat that protects his right flank. "Secretary Paulson's TARP prevented a systemic collapse of the national financial system," he writes. "Secretary Geithner's TARP became an opaque, heavy-handed, expensive slush fund. It should be shut down." (See a stimulus report card...
...Ackerman, Minneapolis I've obviously thought about this a lot, and I believe that the major decisions we made were the right ones. But I've got a list of things that I would like to have done better. For instance, when we sent the Troubled Asset Relief Program [TARP] proposal to Congress, it was a three-page outline. It was not intended to be a complete request. It was intended to be a starting point for negotiation. I wish now we had said that...
More than a year after TARP launched, do you think it's working? -Matthew Thacker, Bowling Green, Ohio I believe it is working very well. Remember, the purpose was to stabilize the financial system. If the system had collapsed, we would have had economic Armageddon...
...Wall Street is lobbying furiously to try to block the CFPA, and Republican congressional leaders have denounced the idea as big-government overreach that would harm consumers by stifling innovation - especially if bank basher (and TARP watchdog) Elizabeth Warren, the intellectual godmother of the agency, gets to run it. Some finance-friendly Democrats have been resistant as well. The new agency was included in the financial reforms the House of Representatives passed along party lines in December, but it has been a stumbling block as the Senate has struggled to put together a bipartisan bill, and even the House version...
...idea to the rest of the bank's liabilities, which get covered by implicit too-big-to-fail guarantees. What a lot of firms don't like is the idea of having to pay a financial-crisis-responsibility fee for the next decade, as Obama has proposed to recoup TARP loans to AIG, the auto industry and smaller banks. Economists I know don't think that idea is either fair or sensible from a policy standpoint...