“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."
Tuesday, April 13, 2010
Did TARP Work?
The Treasury reported a reduction in outlays of $115 billion in March for the government's Troubled Asset Relief Program.
The reduction was partly due to repayments to TARP, a Treasury official said.
A year ago in March, the deficit was $192 billion.
With momentum growing for companies to be able to repay taxpayers, the overall tab for the government's bailout of companies and the financial markets is likely to reach $89 billion, The Wall Street Journal reported Monday. That includes the government lifelines provided for TARP, capital injections into Fannie Mae and Freddie Mac, and other actions, the Journal reported.
Income was $153 billion last month, 19% over the total recorded in March 2009, the Treasury said
Spending was $219 billion, down 32% year over year.
For the year to date, the deficit stands at $717 billion.