TARP has been a successful program, despite the amount of doubt in its ability to save the U.S. financial system, Gillian Tett writes in the Financial Times.
Summary: The U.S. Congress responded to the financial crisis with TARP, which proved a flexible program, capable of delivering results. It also came in under budget, and looks likely to recoup large portions of its expenditures. But the primary lesson from that deal is that it took a market crash to get the Congress on board. It’s a worrying example, considering the U.S. is currently dealing with a debt crisis. A solution to that may require a bond market crisis.