16TARP (Troubled Asset Relief Program)
THE TROUBLED ASSET RELIEF PROGRAM (TARP), ALSO KNOWN AS the bank bailout, was one of the more dramatic events of the financial crisis. This program was presented to Congress as an absolutely mandatory emergency act to save the U.S. financial system. President Bush made a public plea for Congress to pass TARP with the emotional implication that failing to approve this bill would almost certainly cause another Great Depression. The obvious fear shown by Ben Bernanke (the Fed chairman) and Hank Paulson (secretary of the Treasury), along with President Bush’s actions, significantly increased fear in the economy.
The original intent of the proposal was for the Fed to buy “troubled assets” from commercial and ...
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