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Old 12-09-2009, 12:14 AM
 
Location: Las Vegas
221 posts, read 228,382 times
Reputation: 54

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WASHINGTON (AP) - The government's $700 billion bailout of the financial system helped prevent an all-out panic last fall but hasn't met many of the targets Congress set out, a watchdog panel says.
"Congress set goals for (the bailouts) that went well beyond short-term financial stability, and by that measure problems remain," said panel chair and Harvard Law school professor Elizabeth Warren.

The programs funded by the bailout - including bank capital injections, foreclosure relief and automaker rescues - were uneven in their success, the panel says. But it also noted that there is broad consensus that the programs helped avert a possible economic calamity.

The findings are part of a sweeping review of a year's work by the panel Congress created to oversee the Troubled Asset Relief Program, or TARP. It discusses the relative strengths of the diverse programs funded by TARP and evaluates them against standards Congress set.
The Treasury Department said in a statement that "by every measure, TARP has succeeded in achieving its primary goal of economic stabilization."

My Way News - Bailout watchdog: Crisis response worked, somewhat


"Confidence in our financial system has improved, access to credit is increasing, and the economy is growing. The government is exiting from its emergency financial policies and taxpayers are being repaid," Treasury said. "Indeed, the ultimate cost of those policies is likely to be significantly lower than previously expected."


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Old 12-09-2009, 07:17 AM
 
Location: Highland, CA (formerly Newark, NJ)
6,183 posts, read 6,056,092 times
Reputation: 2150
Let's put it this way: if not for it, the unemployment rate would be higher. A lot higher.
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Old 12-09-2009, 07:21 AM
 
Location: Central Maine
4,697 posts, read 6,434,647 times
Reputation: 5046
Our financial system didn't take a dive off a cliff, so yes, it worked. If it hadn't worked, God only knows what this country would look like today, in our second Great Depression.
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Old 12-10-2009, 09:19 PM
 
Location: Las Vegas
221 posts, read 228,382 times
Reputation: 54
Quote:
Originally Posted by GreenGene View Post
Our financial system didn't take a dive off a cliff, so yes, it worked. If it hadn't worked, God only knows what this country would look like today, in our second Great Depression.
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Old 12-10-2009, 09:48 PM
 
Location: Great State of Texas
86,052 posts, read 84,321,515 times
Reputation: 27718
Sure, they are doing a swell bangup job. Why they did such a good job they just laxed the regulations on derivatives trading again..let the good times roll !

House eases restrictions on derivatives trades - Yahoo! News (http://news.yahoo.com/s/ap/20091211/ap_on_bi_ge/us_financial_overhaul - broken link)
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