INAMINATION

In October 2008 the Federal Government instituted the Troubled Asset Relief Program (TARP). Needless to say it was a very controversial move by the Feds and came with much criticism, fear and trepidation. The criticism has continued and has even elevated to a chorus of accusations that President Obama is the 2nd coming of Adolf Hitler or the Anti-Christ.

According to the New York Times, as of September 14, 2009 at least eight of the largest banks and fourteen smaller banks have repaid their TARP funds to the Federal government. To date, he American taxpayers have seen an average of a 15% rate of return. Now it is way too early to become giddy about the trend because there are many banks that have yet to pay back their loans.  But it is a sign that the very process of some banks paying back the loans should begin to put to rest this notion that President Obama is some sort of a Socialist in hiding with designs on turning our country into the 2nd coming of a 1930’s style Germany or some other fascist regime.

It may surprise many critics of the TARP but in the 1980’s the U.S Government bailed out the Chrysler Corporation and made a $350 million profit. With that historical perspective and the early trends about the current TARP, some interesting questions come to light.  First, is it possible that the TARP may actually work?  For the sake of our country I certainly hope so.  Second, why don’t the critics of of President Obama speak about the 1980’s Chrysler  bailout and give President Obama credit for what he is trying to do—save the American economy.  Kind of makes you wonder if there is another agenda going on.

To the left side of the political spectrum, credit must also be given where credit is due. TARP was a creation of the George W. Bush administration.