The Great Recession (2008-2009) was an economic recession largely caused by the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street. The administration of President George W. Bush took unprecedented measures to backstop the U.S. financial system and wider economy in 2008 with its Troubled Asset Relief Program (TARP). This program was designed to purchase non-performing assets from financial institutions, such as subprime mortgage loans and related financial instruments, which had been responsible for the crisis.
Treasury Secretary Henry Paulson and his department were given an initial authorization to spend up to 700 billion U.S. dollars on the program, although this was later lowered to 475 billion. From 2008 to 2012, the TARP program disbursed 417.6 billion U.S. dollars to purchase troubled assets and equity in the companies which held such assets. Of these funds, the majority was spent on the bank support programs, while significant amounts also went to bailouts of the car manufacturing industry and to the insurance giant American International Group (AIG).
Distribution of United States government expenditure on Troubled Asset Relief Program (TARP) by program from 2008 to 2012
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US Department of the Treasury. (November 9, 2012). Distribution of United States government expenditure on Troubled Asset Relief Program (TARP) by program from 2008 to 2012 [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1346501/tarp-relief-program-dollars-disbursed/
US Department of the Treasury. "Distribution of United States government expenditure on Troubled Asset Relief Program (TARP) by program from 2008 to 2012." Chart. November 9, 2012. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1346501/tarp-relief-program-dollars-disbursed/
US Department of the Treasury. (2012). Distribution of United States government expenditure on Troubled Asset Relief Program (TARP) by program from 2008 to 2012. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1346501/tarp-relief-program-dollars-disbursed/
US Department of the Treasury. "Distribution of United States Government Expenditure on Troubled Asset Relief Program (Tarp) by Program from 2008 to 2012." Statista, Statista Inc., 9 Nov 2012, https://www.statista.com/statistics/1346501/tarp-relief-program-dollars-disbursed/
US Department of the Treasury, Distribution of United States government expenditure on Troubled Asset Relief Program (TARP) by program from 2008 to 2012 Statista, https://www.statista.com/statistics/1346501/tarp-relief-program-dollars-disbursed/ (last visited September 01, 2024)
Distribution of United States government expenditure on Troubled Asset Relief Program (TARP) by program from 2008 to 2012 [Graph], US Department of the Treasury, November 9, 2012. [Online]. Available: https://www.statista.com/statistics/1346501/tarp-relief-program-dollars-disbursed/