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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.
Read more: http://www.investopedia.com/terms/t/troubled-asset-relief-program-tarp.asp#ixzz1i81MrlCL
it’s taking from the taxpayers to bailout greedy banks
Politicians paying off cronies & supporters with our tax money.
Dont worry. Being eaten by a crocodile is just like going to sleep. In a giant blender