The other day while listing 10 Facts Republicans Refuse to Believe, I said that TARP would only cost about $30 billion. Yesterday, CBO released new figures showing the cost of TARP to be even less than that, roughly $25 billion.
This is good news.
A quick review, just for fun. TARP was an enormous $700 billion piece of legislation submitted to Congress by the Bush administration. It was passed with bipartisan support, including huge backing by the next Republican Speaker of the House John Boehner (and tough guy Eric Cantor). The Bush administration described it as socialism to save capitalism. It worked. Bush was right.
TARP expired in October of this year. Meaning, it is no longer legally available as a safety net. It can't be rescinded and it can't be abolished. About $430 billion of the original $700 billion has been spent or will shortly. Of the money spent ($430 billion), $216 billion has been repaid, mostly due to President Obama's diligent persistence that the funds be repaid quickly. The remaining investments, ~$214 billion has either made the government money or broke even.
Not a bad deal really. And remember, I opposed it and still do. But it worked.
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When one man was contained and powerless outside his own country, he went after him and brought vengeance along for the ride. This is his story as only history can tell it.
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