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It was a decade ago on this day that US President George HW Bush signed into law the Emergency Economic Stabilisation Act of 2008 with the provision for the rescue scheme of purchasing toxic assets and making distressed financial institutions flush with cash called the Troubled Asset Relief Programme (TARP), as proposed by then Treasury Secretary Henry Paulson.
The plan to bailout the banks and dull any painful consequences from their avarice had not curried much public favour nor did the covert and discretionary manner in the administration of the aide instil confidence that we all wouldn’t be trotte down the same path again. Though we can source the sentiment at least back to the speeches of Martin Luther King, Jr with “socialism for the rich and free enterprise for the poor,” the passage of the law did inspire a few choice turns of phrases and meditations on how paradoxically the aim of capitalism is to escape its bonds and the observation that the intervention allows corporations to “privatize profits and to socialise losses.”