UPDATE:
TARP makes profit of at least $16 bln so far
"The government's efforts appear to have helped stabilize the financial sector," an article in the Wall Street Journal said today.
In addition, the article states "The Obama administration, buoyed by a resurgent Wall Street, plans to cut the projected long-term cost of the Troubled Asset Relief Program by more than $200 billion, in a move that could smooth the way for the introduction of a new jobs program."
Republican Congressman John Boehner called it "the worst idea" he had ever heard, according to the Wall Street Journal.
His party is opposed to recycling TARP funds for a jobs bill, calling instead for the money to go toward reducing the deficit, the Wall Street Journal wrote. Boehner (R., 8th Congressional District, Ohio) is the leader of the Republicans in the U.S. House of Representatives.
The success of the Troubled Asset Relief Program (or TARP) means that Federal Reserve Chairman Ben Bernanke will most likely have no problem gaining Congressional approval for another term.Read the full article in the Wall Street Journal here.
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