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The Congressional Oversight Panel's 30th and final oversight report describes the financial crisis, summarizes and updates the Panel's prior oversight reports, and evaluates federal financial stabilization initiatives.
In order to evaluate the TARP's impact, one must first recall the extreme fear and uncertainty that infected the financial system in late 2008. The stock market had endured triple digit swings. Major financial institutions, including Bear Stearns, Fannie Mae, Freddie Mac, and Lehman Brothers, had collapsed, sowing panic throughout the financial markets. The economy was hemorrhaging jobs, and foreclosures were escalating with no end in sight. Federal Reserve Chairman Ben Bernanke has said that the nation was on course for a cataclysm that could have rivaled or surpassed the Great Depression.
As the TARP evolved, the Treasury found its options increasingly constrained by public anger about the program. The TARP is now widely perceived as having restored stability to the financial sector by bailing out Wall Street banks and domestic automotive manufacturers while doing little for the 13.9 million workers who were unemployed, the 2.4 million homeowners who were at immediate risk of foreclosure, or the countless families otherwise struggling to make ends meet.
It is now clear that, although America has endured a wrenching recession, it has not experienced a second Great Depression. The TARP does not deserve full credit for this outcome, but it provided critical support to markets at a moment of profound uncertainty. It achieved this effect in part by providing capital to banks but, more significantly, by demonstrating that the United States would take any action necessary to prevent the collapse of its financial system.
Audience: Governmental committees and agencies--as well as businesses and members of the general public--concerned with the economic results of different political/financial policies, organizational oversights, and the impact of TARP on the economy will want to read this report.
Keywords: TARP, Congressional Oversight Panel TARP 2010, effects of TARP, congress, Congress, Congressional Oversight Panel 2010, economy 2008, United States economy 2008, Wall Street bailout, automotive bailout, car manufacturers bailout 2008, Fannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns, stock market 2008
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- Senate, Congressional Oversight Panel
- 2010: 129 p.; ill.
- This title was assigned two stock numbers. The other number is 552-070-41656-1.
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- Troubled Asset Relief Program
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- 0.375 lb.
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