The Price of TARP's Success

Tom Lindmark submits:

Brad Schaeffer, a conservative energy company executive, makes perhaps the most reasonable defense of TARP that I have seen. He compares the banking crisis to the fall of Enron and the panic that ensued in energy markets at that time and concludes that a private solution such as the one that rescued energy wouldn’t have worked with the financial services industry.

His argument is essentially a pragmatic one, that there existed no solution that was feasible without the use of the government’s balance sheet. He suggests that the alternative of letting the chips fall where they might have would have carried the seeds of potential disaster:

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