The division of spending was as follows:
$250 billion to programs stabilizing banks
$27 billion to restarting credit markets
$82 billion to restabilizing the automotive industry
$70 billion to stabilize AIG
$46 billion to assist families undergoing foreclosure
(These numbers do not add up to $700 billion because the total spending was attempted to be reduced to $475 billion)
The US government today reports that TARP was successful in correcting the collapsing economy as well as producing a $65 billion profit for the government simultaneously.
3 comments:
This was a good look on President Bush part being able to financially try to cover many useful and beneficial things.
I liked how you included stats. It made it a lot easier to visualize how much money the government needed to pump into these companies to avoid a bigger disaster.
Good analysis! The statistics definitely help to provide a greater image of the government intervention. The TARP was a very controversial move, with billions of dollars that some Republicans argued shouldn't be used by the government, and that some leftists protested being spent on corporations instead of the people.
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