The attempted historical revision is worse than that. Tackling the financial crisis was a bipartisan effort. TARP passed 10/3/08, under Bush. Subsequently administered by Obama. Saved the financial system. As bad as Great Recession was, would've been a lot nastier without TARP.https://twitter.com/JoyceWhiteVance/status/1033925731930255360 …
Fair point. "Significant risk they were going to seize up in the near future" would've been more accurate than "seized up."
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More accurate, yes. Still poorly supported. If you look at the Fed Atlanta link in the comments of that post, you can see that nonfinancial unsecured paper was barely affected. And asset-backed paper was of a recent peak, but historically normal.
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I disagree, because that assumes the rapid decline from peak was going to stop on its own rather than continue.
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The rise to the peak and the decline back to historic norms both took several months. Not that rapid.
End of conversation
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