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Who’s Buying TARP Assets?

March 8, 2013

Anyone who’s been reading the gripping coverage about TARP auctions may be wondering why it never mentions the buyers, only the sellers.

Today I found out why: It’s “policy.”

Yes, you remember TARP … the Troubled Asset Relief Program, which initially allocated $700 billion to bailout the financial industry.

At the time, TARP was the largest spending program in history at $700 billion, but President Obama blew it out of the water the following year with his $814 billion “stimulus” program.  Then the Dodd–Frank Wall Street Reform and Consumer Protection Act came along and reduced the amount authorized to $475 billion, marking the first time ever that Chris Dodd and Barney Frank ever authorized legislation to reduce spending on anything.