Bush's TARP Failure--How Obama is Fixing Another Bush Mistake

From NPR (Source: Obama Considers Levy For Rescued Firms
by The Associated Press)

"The 2008 law that created the Troubled Asset Relief Program requires the president to seek a way to recoup unrecovered TARP money from financial institutions, but five years after the law was enacted. It does not specify how the money should be recovered."

2008? Wasn't Bush the president then?

Notice how the law the way the Republicans wrote it under Bush does not "specify how the money should be recovered."

So Obama has to once again fix what the Bush presidency broke:

"Targeting an industry whose political deafness has vexed his administration, President Barack Obama is weighing a levy aimed at recovering tax dollars from government-rescued financial institutions.

"The proposed levy could put Obama on the popular side of public opinion that is decidedly against Wall Street and angry over shortfalls in a $700 billion bank bailout fund.

"A senior administration official said Monday that Obama would seek modifications to the law that sent billions in bailout money in 2008 and 2009 to a flailing Wall Street that was approaching collapse."
--from the article cited above.