It was one thing when we were arguing about whether the actions taken under TARP and the Federal Reserve's programs were prudent. (My own view has always been that recapitalizing banks with TARP was a huge mistake.) It's quite another to claim that, since all the money was repaid, the banks weren't really bailed out at all. They just took some loans from the government and repaid them.
Steven Randy Waldman at Interfludity has a must-read post that tears apart this argument.
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