"A look back at TARP" from APM's Marketplace

Jonathan Alter is the author of the new political book "The Promise." JONATHAN ALTER: Barack Obama told me in an interview that he knew that it would be toxic politically for him to back the TARP bailouts, but he also knew that it was necessary to prevent a depression. Even the House Republican Leader John Boehner, who now decries TARP, pleaded with his members to vote for it. JOHN BOEHNER: If I didn't think we were on the brink of an economic disaster, it would be the easiest thing in the world to me to say no to this. But I believe the risk in not acting is much higher than the risk in acting. But Congress wasn't swayed, and voted TARP down at first. By the time a package was passed, buying up mortgages would have been too time-consuming. So the government decided to temporarily pump money directly into the banks. And Mark Zandi of Moody's Analytics says that turned out to be a slam-dunk success.

Download the podcast here. See the full APM Marketplace feature story here. See also: The Defining Moment: FDR's Hundred Days and the Triumph of Hope, Betraying Our Troops: The Destructive Results of Privatizing War, Charlie Rose with Mark Halperin & Jonathan Alter; Robert Altman & Neve Campbell; Orlando Bagwell & Noland Walker (January 16, 2004)