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TARP’s Failures Described By Congressional Oversight Panel
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| Contributor | Jason |
| Last Edited | Jason Dec 14, 2009 03:56pm |
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| Category | General |
| Author | Douglas A. McIntyre |
| News Date | Wednesday, December 9, 2009 11:50:00 AM UTC0:0 |
| Description | The Congressional Oversight Panel says in a new report that the TARP did one thing and did it well. It prevented the terrible panic in the credit markets from spreading while stabilizing the banking system. That is as far as it went, which means the a number of other goals were never met.
The new COP report faults the Treasury for doing nearly nothing to help the average consumer and small business.
Among the worst faults of the program were its failure to help build an environment for improving unemployment, its lack of effort to create a system for cutting the rates at which home foreclosures are growing, and the establishment of incentives for financial institutions to increase lending.
The TARP also did little to take toxic assets off the books of large banks or curb the rate of bank failures. |
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