Audit Finds TARP Program Effective

[TomCADem]

Source: NY Times

WASHINGTON — The independent panel that oversees the government’s financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.”

The Congressional Oversight Panel, which issued the report, was created in October 2008 by the same law that established the $700 billion Troubled Asset Relief Program. The panel has often been critical of the Treasury Department’s management of the bailout operation, especially at its start in the Bush administration but also under the Obama administration.

In the latest monthly report released on Wednesday, the panel again criticized the Treasury Department under Secretary Timothy F. Geithner for “failure to articulate clear goals or to provide specific measures of success for the program” as it has morphed over time from rescuing financial institutions to propping up securitization markets, auto manufacturers and home mortgages in danger of default. The panel also described the program’s foreclosure mitigation efforts as inadequate.

Its assessment coincides with the Obama administration’s expansion of TARP yet again, to extend credit to small businesses that cannot get loans from still-skittish banks. President Obama highlighted the new mandate in his economic speech on Tuesday, saying that the bailout program should now work for Main Street as well as Wall Street.

Read more: http://www.nytimes.com/2009/12/10/business/economy/10audit.html

[Hissyspit]

1. Here's what Elizabeth Warren said:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x411223

[groundloop]

2. While it's not been handled perfectly, TARP is doing it's job

I about threw my coffee mug through the television last night, there was a right wing talking head on the news complaining how our President has created a record deficit. How short their memory when it serves their purpose. As President Obama said, first the economy needs to get moving and creating jobs, after that we'll have to fix the deficit which we inherited.

[skippy911sc]

3. This morning on CNBC

while discussing the TARP program Jeb (you heard that right) Bush said it was a success and that his brothers administration should take the credit for that. Talk about having your cake and eating it to. I had to turn the channel.

[jpak]

4. So it DID keep us from a Great Depression - so it WAS worth it

not good news for the DOOM clown squad...

:D

[dixiegrrrrl]

6. Mark the calendar now and pm me in 6 months, pls.

Remember, even Obama said we were going to have a double dip recession.
Which has not arrived yet.
Also to arrive is the climbing commercial mortgage defaults.
Commercial buildings provide jobs.

We can't have a recovery if there are no jobs to provide money and taxes.

[jpak]

8. There is NO economic data suggesting a double-dip recession in 2010

This is worst recession since the Great Depression and unemployment has not reached the levels of the Reagan Recession of the early '80' (10.8%)

There's a reason for that...

Obama's stimulus package turned the US economy around: from a -6.4% decline in GDP and 700,000+ a-month job losses in January 2009 to 11,000 job losses in November 09 and an economy growing at +2.4% GDP

Unemployment declined last month from 10.2% to 10.0% - and will keep on dropping into 2010.

Sorry - no DOOM for you

Viva Obama!

:D

[Romulox]

12. You didn't predict the crash in Nov. '08. Your current predictions should be taken in that context.

:hi:

[jpak]

14. Stupidest Straw Man Evah - and WRONG

I got my IRA out of the stock market and into cash in late 2007 - I clearly saw what was about to happen.

I took an minimal hit in 2008 and my portfolio MADE $$$$ in the second and third quarter of 2009.

Sorry to burst your Stupid Bubble!!11

:D

[Romulox]

17. Nonsense. The accuracy of your past predictions is the only basis with which to assess the accuracy

of your current predictions.

Didn't predict the crash = blah blah blah.

"I took an minimal hit in 2008..."

Meaning you failed to predict the crash.

"...and my portfolio MADE $$$$ in the second and third quarter of 2009."

On the strength of taxpayer bailouts.

[Romulox]

5. It was affective at spreading trillions of taxpayer $$ to banksters and their foreign counterparties

Who in heck couldn't "make a profit" off of free money provided by the taxpayer? :eyes:

[jpak]

9. TARP and Obama's Stimulus Package saved us from an Great Depression & turned the economy around

sorry - No DOOM for you

Viva Obama!

:D

[Romulox]

11. Pointless sloganeering. Zzzzzz. nt

[jpak]

13. Rediculous Doom mongering - ZZZzzzzzzz

:D

[Romulox]

18. Lack of spell check. Zzzzzz. nt

[Romulox]

10. Oops. Spelling error. "effective". nt

[beyond cynical]

7. I hope they are right, but I don't believe the final chapter has been written.

[Name removed]

15. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Odin2005]

16. Too bad the sane poster on this issue was banned.