General Discussion
In reply to the discussion: A question for Obama and\or his supporters here: [View all]stevenleser
(32,886 posts)#1 - The buck for TARP stopped at the desk of George W. Bush, as it always does with who is President when a bill passes. Can we assign some blame to individual members of congress and the senate who may have voted for something? Perhaps, but it is petty (not to mention reaching) in an elections season after four years in office to start sniping at the President for his senate voting record.
#2 - Do I think there was another way to handle it? Sure. I would have preferred a consumer bailout, and I said so here http://www.opednews.com/articles/The-Real-Bailout-Needed-is-by-Steven-Leser-081227-715.html . I believe this would have also had the effect of bailing out the banks and financial institutions because it would have paid off vast amounts (several trillions of dollars) of consumer debt, flooding lending institutions with liquidity. The difference is that the American middle class/working class, however you want to call them would be in excellent financial health now and not only not have lost their homes but would now own them outright providing them additional collateral and net worth.
#3 - Do I think people who implemented TARP were bad or evil? No. It was a massive problem with the potential to cause a complete meltdown that if not addressed would have caused horrific suffering, starvation and worse. I enjoy any opportunity to make legitimate digs at the Bush administration, but I think they acted in good faith here, even if I would have preferred a different way.