Senator Bob Bennett, who lost the Republican nomination in Utah because of conservative rage over TARP, thumbs his nose thus:
“For those who were screaming at me — and screaming was the operative word — ‘You’ve just saddled our children and grandchildren with $700 billion,’ I said, ‘No, I haven’t,” Mr. Bennett said in an interview.
“My career is over,” he added. “But I do hope that we can get the word out that TARP, number one, did save the world from a financial meltdown and, number two, did so in a manner that, I believe, won’t cost the taxpayer anything. And even if it did not all get paid back, it was still the thing to do” [Jackie Calmes, "TARP Bailout to Cost Less Than Once Anticipated," New York Times, 2010.09.30].
The economy still needs work. We have an awful lot of restructuring to do. But we have to admit: TARP worked a lot better than a lot of us thought it would.