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TARP’s a bipartisan success
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| Parent(s) |
Issue
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| Contributor | RP |
| Last Edited | RP Sep 30, 2010 09:33am |
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| Category | Commentary |
| Author | Joshua Green |
| Media | Newspaper - Boston Globe |
| News Date | Thursday, September 30, 2010 03:30:00 PM UTC0:0 |
| Description | BRAINTEASER: NAME the last major law to draw meaningful bipartisan support in Congress. Tough question, isn’t it? The answer is the Troubled Asset Relief Program, better known as “the Wall Street bailout.’’
Hard to believe now, but before President Bush signed the $700 billion rescue plan into law in October 2008, it passed the House by a 228-205 vote, with 91 Republicans in support, and the Senate by a 74-25 vote, with 32 Republicans. But you won’t hear much bragging. The loudest theme on the fall campaign trail is full-throated outrage at the depravity of the bailouts and those who voted for them.
The political fallout from TARP has gotten steadily worse. It has given rise to the Tea Party and contributed to the record number of incumbents defeated in primaries. Many more will go down in November. Yet the economic news about TARP has gotten consistently better. It will cost taxpayers a fraction of that $700 billion, and may end up costing them nothing at all. |
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