6 ms·
100% agree, I'd put the blame on the Fed before Trump, Obama, Bush, or Clinton. If I had to choose it would be Bush for being president when TARP was passed but
by creaghpatr 8y ago
100% agree, I'd put the blame on the Fed before Trump, Obama, Bush, or Clinton. If I had to choose it would be Bush for being president when TARP was passed but really the blame there falls on the Congress.
- maxxxxx 8y agoYou are probably right but people tend to give credit to presidents when things go well so they also should get the blame. Justified or unjustified.
- mywittyname 8y agoTARP would have been signed by Obama (or McCain). The fact that the US has enjoyed a economic boom post 2008, while the rest of the world struggled for several more years (especially Europe), can be considered evidence that it was the correct action to take at the time. The current expansion is the second longest in modern history.
- mhneu 8y agoYup. This was an incredibly consequential decision in the US to use stimulus. And it validates the idea that Keynesian stimulus has value. (And it’s useful to go back in 2008-2011 and see what different economists were saying about stimulus and inflation. There was a big partisan divide.)