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In today’s Washington Post Secretary of the Treasury Tim Geithner attempted to dispel several misconceptions about TARP being perpetuated by right wing candiates. Like the idea that TARP was an Obama-instigated initiative designed to have the government take over private sector banks.

The TARP was created by a conservative Republican president, who was also forced by the crisis to take over Fannie Mae and Freddie Mac, lend billions to the automobile industry and guarantee money-market funds. And the TARP was championed by the same Republican congressional leaders who are in office today. They deserve more credit for the courage they showed than they seem willing to accept now. // <![CDATA[

Before President Obama took office, the Bush administration committed nearly $300 billion under the TARP, including investments in banks representing more than three-quarters of the entire sector, two of the three big American car companies and AIG. That support was critical to preventing a complete system collapse, but it also represented a level of government involvement in our economy not seen since the Great Depression.

President Obama adopted a strategy designed to get the government out of the private sector as quickly as possible. To date, we have recovered more than $200 billion in TARP funds, as well as made $28 billion in profits.

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One Comment

  1. Bennett, Spector, Murkowski, McCain to name a few. I think the electorate knows who voted for TARP. Obama owns it because he voted for it.


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