What is TARP? I've heard a lot of references to it but never an explanation?
Anyone got one? And no, I don't mean the canvas cover that is used to protect things from the rain.
- KenBLv 59 years agoFavorite Answer
Definition of 'Troubled Asset Relief Program - TARP'
A government program created for the establishment and management of a Treasury fund, in an attempt to curb the ongoing financial crisis of 2007-2008. The TARP gives the U.S. Treasury purchasing power of $700 billion to buy up mortgage backed securities (MBS) from institutions across the country, in an attempt to create liquidity and un-seize the money markets. The fund was created by a bill that was made law on October 3, 2008 with the passage of H.R. 1424 enacting the Emergency Economic Stabilization Act of 2008. The Treasury will be given $250 billion immediately, and the President must certify additional funds as they are needed. The additional funds will be distributed as $100 billion, and then as the final $350 billion is given, Congress has the right to not approve the additional amounts.
- Anonymous9 years ago
Politicians paying off cronies & supporters with our tax money.