At this writing, it has not helped at all. All the gibberish that we are hearing from the banks is just that … gibberish. We’ve heard them say that some of the funds will be used to help them offset or mitigate future losses, shore up their poirtfolios, acquire more banks, etc. But not once have we heard any of them say that the TARP funds will be used to ease credit or to make it easier for consumers to borrow.
The fact that the banks were given this money without strings attached is absurd. The intent and expectation is certainly a far different cry than reality. Let’s face it – Parents will hardly give their children a weekly allowance without some general guidelines.
In sum, most of our politicians in Washington are far more concerned with padding their own beds, which means to do and say only that which sounds politically advantageous. This TARP program, at least at this point, is nothing but a sham. “We the people” are the dupes.