Where the Bailout Went Wrong

Where the Bailout Went Wrong

By Michael Wolraich on Wed, 03/30/2011 - 10:48am |

Two and a half years ago, Congress passed the legislation that bailed out the country’s banks. The government has declared its mission accomplished, calling the program remarkably effective “by any objective measure.” On my last day as the special inspector general of the bailout program, I regret to say that I strongly disagree. The bank bailout, more formally called the Troubled Asset Relief Program, failed to meet some of its most important goals.

...

The act’s emphasis on preserving homeownership was particularly vital to passage. Congress was told that TARP would be used to purchase up to $700 billion of mortgages, and, to obtain the necessary votes, Treasury promised that it would modify those mortgages to assist struggling homeowners. Indeed, the act expressly directs the department to do just that.

But it has done little to abide by this legislative bargain.

URL:

http://www.nytimes.com/2011/03/30/opinion/30barofsky.html

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Comments

TARP was never about helping home owners or main street. It was always about Wall Street and nothing else.

by cmaukonen on Wed, 03/30/2011 - 3:10pm

I understand that Barofsky is gonna get the cell next to Manning, down the hall from Crowley.

by jollyroger on Wed, 03/30/2011 - 6:05pm

O/T-there's something wrong with my computer--your collar is not flashing correctly.

by jollyroger on Wed, 03/30/2011 - 6:06pm

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