Bank Bailouts Far Cheaper Than Expected

Worth Clicking: Blasts from the past wound Romney

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February 28, 2011

Bank Bailouts Far Cheaper Than Expected

Nearly three years after a series of government bailouts began, the Los Angeles Times reports that expected losses from the $700-billion Troubled Asset Relief Program will be just $25 billion -- far less than the $341 billion estimated in mid-2009.

"There is now broad agreement that the bailouts worked, stabilizing the financial system and preventing an even deeper crisis. Still, many people are worried about the long-term effects of the government actions. They said that in demonstrating a belief that some companies were too big to fail, the government set a dangerous precedent, opening the door to future crises."

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Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country, including the Washington Post, USA Today, Boston Globe, San Francisco Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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February 28, 2011