Tim Geithner Has Completely Forgotten the Point of TARP, Calls it a Success
Maybe Tim Geithner was too busy
Treasury Secretary Tim Geithner defended the government's bailout of the financial system on Tuesday, saying it has been a "critical" part of the economic recovery and will ultimately cost less than expected.
Geithner is testifying before the Congressional Oversight Panel, the main watchdog for the Troubled Asset Relief Program, or TARP. The government enacted TARP in 2008 at the height of the financial crisis. The program is due to expire in October.
While the economy remains challenged, Geithner said TARP and other "extraordinary actions" taken to combat the financial meltdown "have helped stabilize the financial system and restore economic growth."
So what WAS the goal, exactly, Timmy? Free money for the bankers? Some kind of sick money laundering operation using the sick banks to buy up Treasury debt? You tell me since you're the one who seemed to think it worked out the way it was supposed to.
I'll be over here waiting for credit markets to unfreeze whenever you're ready to talk.