Unformatted text preview: Deal, shut down numerous banks without loss to depositors, but had no jurisdiction over the giant financial investment companies that did not engage in commercial banking. Moreover, it had only limited capabilities to deal with those corporations that did both. Fearing a general financial meltdown reminiscent of the darkest days of the Great Depression, the U.S. Treasury and the Federal Reserve engineered a Troubled Assets Relief Program (TARP) that was funded by a $700 billion congressional appropriation. The TARP program kept the endangered investment banks afloat. What it could not do was stave off a sharp economic collapse in which millions of U.S. workers lost their jobs. That November, the voters elected Obama president of the United States, with approximately 53 percent of the vote to McCain’s 46....
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- Fall '10
- Senator Joseph Biden, entire financial superstructure, financial meltdown reminiscent, risky mortgagebacked securities, venerable Lehman Brothers, fall campaign season