Judd Gregg calls TARP ‘most significant’ accomplishment of the decade

Retiring Republican Senator Judd Gregg this morning called passing the Troubled Asset Relief Program (TARP) the biggest accomplishment of the past decade.

Gregg, a fiscal hawk, said on MSNBC that TARP was “the most significant thing that’s happened in the last 5 to 10 years.”

TARP is commonly demonized by Republicans and Democrats alike, with many making their vote against the program a central issue in their campaigns leading up to the midterm election. Nonetheless, Gregg defended it as having staved off a financial disaster.

“We were on the verge of a cataclysmic event,” he said, “and if we hadn’t stepped forward as a government and done it in a bipartisan way in a short time frame, the trauma this country would have been put through as our banking system melted down and our economy melted down would have been devastating. Now the taxpayers will make money on this deal, it looks like to me.”

“I think the program worked the way it was supposed to,” he finished.

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  • krjohnson

    I have a love-hate relationship with Mr. Gregg. Sometimes he comes out with wonderful pieces of legislation like “Wyden-Gregg” that would close all the absurd loopholes in the taxcode and use the savings to lower the tax rates for everyone. Sometimes he goes on CNBC and speaks truth, and talks about supply side economics and is generally very articulate.

    And then sometimes he supports massive bailouts for banks. *Sigh*

    It’ll be interesting to see how his replacement does. I wonder if Gregg will still be all over CNBC, or who they’ll get to do those segments instead.

  • lwrf20

    Dakota54, Judd Gregg is already quite wealthy on his own, plus he won the Powerball a few years ago. Most likely, he paid the same or more in tax dollars as you did towards TARP.

    As for TARP – it saved the system from collapse, people were able to keep their pensions and life savings, and nearly all the money has been paid back with a hefty interest profit for the taxpayers. What exactly do you disagree with him about?

  • Momma M

    Obviously his retirement was overdue.

  • Dakota54

    That is such crap. Good riddens…How about I start spending your money and see how it feels. These people are so outta touch it’s incredible.

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