Reply #21: Baird makes no sense

[ProSense]

Speculation about Democratic rule for the next 40 years was not worth an economic crisis that would have caused more suffering. Does anyone believe that would have made today's Republicans more cooperative?

The bailout was necessary, albeit a costly emergency action due to Bush's inaction.

Elizabeth Warren (PDF)

Through a series of actions, including the rescue of AIG, the government succeeded in averting a financial collapse, and nothing in this report takes away from that accomplishment. But this victory came at an enormous cost. Billions of taxpayer dollars were put at risk, a marketplace was forever changed, and the confidence of the American people was badly shaken. How the government will manage those costs, both in the specific case of AIG and in the more general case of TARP, remains a central challenge – one the Panel will continue to review.

The Obama administration managed to get most of the money back.