About a year ago, I wrote a profile of Treasury Secretary Timothy Geithner. One point I made in the piece--provocative then, less so now--is that the bailouts were working surprisingly well and looked as though they'd cost much less than anticipated. That realization is finally sinking in (although bailouts will probably remain toxic for politicians). The Los Angeles Times is the latest to make the case for TARP and its much-maligned brethren:
There is now broad agreement that the bailouts worked, stabilizing the financial system and preventing an even deeper crisis. Still, many people are worried about the long-term effects of the government actions. They said that in demonstrating a belief that some companies were too big to fail, the government set a dangerous precedent, opening the door to future crises.
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