I realize that he voted for TARP, and that was a horrible idea, but would you still have cheered him out of office if it wasn't such a horrible idea?
But now, 19 months after Congress voted to spend $700 billion on the Troubled Asset Relief Program, we're starting to get a long-term sense of the effort's true cost, and its effect. And when you look at the amount of money that the government now stands to make back -- not to mention the widespread expert view that the bailout succeeded in its prime purpose of stabilizing the economy -- it could just be that we've been able to rescue our economy from the brink of a depression for a relatively low price. And so, an unlikely question arises: Was the bailout, far from being a disastrous, dishonest failure, really more like one of the most successful programs ever?A libertarian who's also an economist even admits it was a good idea, leaving confused looks on the faces of a lot of people holding teabags. But now Utah won't have to worry about any more good ideas getting voted for, Lee or Bridgewater will make sure of that.
Tyler Cowen, a professor of economics at George Mason and a libertarian, also was skeptical at first but has conceded that "yes, the bailouts were a good idea," adding that without them, "we would have had many more failed banks, very strong deflationary pressures, a stronger seize-up in credit markets than what we had, and a climate of sheer political and economic panic."