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False Profits by Dean Baker

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THREE

The Terrible Tale of the TARP

The passage of the Troubled Asset Relief Program, or TARP, in the fall of 2008 was a demonstration of the extraordinary power of the financial industry and what it will do when its fundamental interests are threatened. The industry was quickly able to unite the leadership of both political parties behind a massive $700 billion bailout program that imposed few serious constraints on the industry. The industry was also able to enlist the media in this effort, turning many reporters into TARP cheerleaders until the bill passed Congress. The opponents of the bill, which included many of the country's most prominent ...

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