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Essay / Research Paper Abstract
This 5-page paper provides an overview of the Troubled Asset Relief Program (TARP). Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTtarpanly.rtf
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(the year before it had been above 14,000) and a series of bankruptcies and acquisitions also battered the economy (Nguyen and Enomoto, 2009). The housing market had imploded because of
poorly constructed subprime mortgages which, in turn, dumped the United States into a recession. The last straw was the failure of banking institutions that were "too big to fail," Bear
Stearns and Lehman Brothers. Banks, many of which were still dealing from the subprime fallout and fearing the next collapse, hoarded their money, refusing to lend anything to anyone. The
credit markets froze; business didnt get done. Fearing a total financial collapse, the U.S. Congress enacted the Emergency Economic Stabilization Act on
October 3, 2008, under which the Troubled Asset Relief Program (TARP) was to operate and provide money to try to unfreeze the seized-up credit markets (Nguyen and Enomoto, 2009).
The overall goal of the Emergency Asset Relief Program was to help banks deal with defaults, to get liquidity moving through the system once
again, to forestall foreclosures and to help consumers regain (and maintain) confidence in the financial system. More than a year and a half
after the crisis, much of the TARP money has been repaid. But there are those who still wonder if TARP was really much of a success. Overview of TARP
When first envisioned by the Treasury Department, TARP funds were to be used to purchase the mortgage-backed securities (also known as "toxic assets") from
financial institutions (Nguyen and Enomoto, 2009). The idea behind this was to get the toxic assets off the banks balance sheets, so they could begin lending again. However, what happened
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