Last time it was Wall Street. This time it's Main Street | Jack's Op-Ed in The Bergen Record
First and foremost, we will, as we always have before, get through the coronavirus crisis. It won’t be easy, but we will, and sooner rather than later if everyone does their part.
During the 2008 financial meltdown and crisis, the federal government did what it needed to do; namely, it went forth with a "too big to fail” bailout of Wall Street that approximated $400 billion. The federal government’s bailout wasn’t limited to just Wall Street, however. National, regional and local banks, as well as big automakers, credit card companies and other Fortune 100 companies also benefited directly from an additional federal bailout of $300 billion.
The bailout was known as TARP – Troubled Asset Relief Program. It was created and run by the U.S. Treasury to “stabilize the country's financial system, restore economic growth, and mitigate foreclosures in the wake of the crisis.”
The industries and companies that benefitted from TARP also benefitted, ironically, from payments made by Main Street. Payments made by every day, hardworking small business owners and their employees. Payments in the form of car loans, mortgage payments, insurance premiums, small business loans, construction loans, credit card bills, etc.
Where we are today is different, but very clear. The COVID-19 health crisis has decimated Main Street. Hence, this time it’s Main Street that requires bailing.
Read more HERE.