If any of the TARP banks were to default on their debt, taxpayers would be on the hook. Were that to happen, WaPo's readers would have every right to complain, "But you guys told us that the 'Wall Street bailout' was over!"
In a calmer climate, Senator John Thune (R-S.D.) makes for a credible presidential candidate. However, he carries with him what has turned out to be, in this election cycle, a black mark: He voted for the Troubled Asset Relief Program.
No one wanted to bail out Wall Street. No one wanted to use taxpayer dollars to rescue an industry that helped cause the worst economic crisis in a generation. It was unfair. It was appalling. But it was necessary. We had no other choice.
In spite of knowing exactly what needs to be done, Bernanke and the Fed show no inclination of moving in this direction. Instead, the Fed seems prepared to ignore its legal mandate to promote full employment.
The financial services industry must take steps to meet its fair housing obligations. In the past, the industry's policies and practices have worked against fair housing achievements, promoting residential segregation.