Office of the Special Inspector General for the Troubled Asset [SIGTARP] Relief Program Advancing Economic Stability Through Transparency, Coordinated Oversight and Robust Enforcement – Quarterly Report to Congress – October 21, 2009
“More than a year has now passed since the Emergency Economic Stabilization Act of 2008 (EESA) authorized creation of the Troubled Asset Relief Program (TARP), and preliminary assessments of TARP both its effectiveness and its costs can begin to be made. As to effectiveness, there are significant signs of improvement in the stability of the financial system. Although the causes for such improvement are many and complex, it appears that the dramatic steps taken by the U.S. Department of the Treasury (Treasury) and other agencies through TARP and related programs played a significant role in bringing the system back from the brink of collapse. On the other hand, the risk of foreclosure continues to affect too many Americans, unemployment continues its rise, and the stresses on the commercial real estate market threaten to increase the pressure on banks and small businesses alike yet again.”
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