
Repeating the Mistakes of the 2008 Bailout - kick
https://prospect.org/economy/repeating-the-mistakes-of-the-2008-bailout/
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JakeAl
They don't seem to understand what TARP was, or how what is happening now is
completely different. There would be no mortgages if it weren't for the
government involvement in 2008, because no bank would be willing to take the
financial risk that was imposed upon them by Dodd-Frank. The government
guaranteed bad loans back then that the banks were forced to make, so when the
banks went overboard in taking them of course they were going to be bailed
out.

Similarly, this forced shutdown by the government is killing businesses, and
to save the businesses from the government action the government must
compensate them in order to compensate the population they have severely
damaged. It's not just jobs that are being lost along with businesses, it's
people's futures as retirement plans are being devastated. It would have been
cheaper to require citizens all wear masks and gloves or painter's suits than
to shut down everything for what amounts to a bad flu. Now we have Congress
requiring trillions of dollars of our money and requiring hundreds of millions
of dollars for arts programs be included in the bill. The oversight needs to
be over congresses priorities as they are openly abusing the crisis for their
own ends.

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CSSer
Not sure how thorough they’re trying to be here, but some of their language is
out of date since the bill was revised and passed.

There _is_ some oversight of the treasury secretary because of Senator Schumer
and co. For more information, see Schumer’s comments on the day the bill
passed the Senate at congress.gov. I’ll edit and update if I can find the
link.

Granted, it’s not the best, but it’s something.

