This week, the House of Representatives interrupted its “August Recess” to rush back to Washington to pass yet another ‘emergency’ bailout; this time, a $26-billion spending package the nation cannot afford, to supplement pay for state workers the states cannot afford.
European officials, increasingly concerned that the Continent’s debt crisis will spread, are warning that any new rescue plans may need to cover Portugal as well as Ireland to contain the problem they tried to resolve six months ago.
Yesterday marked the two-year anniversary, and the expiration, of the Troubled Asset Relief Program (TARP). TARP was a $700 billion fund for bailouts conducted by the U.S. Treasury department. Today’s New York Times features a piece that calls into question whether or not this is the end of the bailout era.