THE FREE BAILOUT, TOO BIG TO FAIL, AND ARSONIST BANKERS

Donghyun Park

Chapter 62 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 285-289 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In addition, there is some truth to the argument that TARP (Troubled Asset Relief Program) paid for itself, which means that it cost the US government and the US tax payers nothing in actual money. While the precise estimates vary, there is general agreement that the US government recovered all or most of the money it lent to financial institutions, which were able to repay their loans much sooner than expected. Many banks, including J.P. Morgan Chase, Morgan Stanley, American Express, Goldman Sachs, and Wells Fargo, fully repaid TARP money. TARP effectively came to an end on 19 December 2014, when the US government sold its remaining holdings in Ally Financial. The popular, widely accepted narrative of TARP is that the US government decisively and forcefully rescued the US financial institutions at a time when they were on the brink of collapse, at almost no cost to the US tax payers…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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