While KBH is a known big spender, and a social liberal, Monday morning QBacking is pretty sketchy regarding TARP. I'll give you guys a little info I picked up from a financial analyst friend of mine (which is also why I can see both sides of the issue regarding currency standards). Bear with me, this is off the top of my aging head.
Following the collapse of Bear Stearns and other financial institutions after the devastating results of Sarbane Oxley, culminating in part by the Federal acquisition of FM and FM, we were in a period where bank liquidity was diminishing rapidly. Then one day, it happened. It was like 11:30 Central Time, and there wasn't money. There wasn't ANY money, none, nada, nowhere, internationally. My buddy said that people in his office looked like they did after 9 11. Nobody knew what to do, NOBODY!!!!!
Now, we all know that this money authorized by Congress was the result of a giant ruse brought about because of opportunistic individuals, and that the 700B TARP not only wasn't necessary (the real heavy lifting was done completely outside of Government oversight, in secret, by the Fed, and totaled many trillions, not billions), TARP is in fact (IMHO) a slush fund to pad the pockets of a group of corrupt businessmen.
BUT, this is why Rahm Emmanuel is quoted saying, "Never let a good crisis go to waste!". There were enough good people fooled by this proposed legislation that both good intentioned and evil intentioned Congressmen were strong armed into what we now know as a VERY bad decision. Heck, it wasn't just Congress, look at what the American people did in the '08 election!!
So, people were fooled. Cornyn included, and he admits it. Now what do we do? Well, I say we learn from our mistakes, hope that the good members of Congress do the same, and vote for a bunch of other intelligent, strict conservatives to hopefully right this ship.
I highly recommend that people read Cornyn's opinions as CJSCofTexas.
No, we averted a real, honest catastrophe. It was created unnecessarily, but created nonetheless. I really don't think that we average citizens living our lives in ignorant bliss will ever really know how close we were to complete, worldwide economic armageddon. I also don't believe that the average citizen has any idea how dangerous an omnipotent, unregulated Fed (central bank) is.