Meanwhile, our country still needs an independent commission that can investigate the financial meltdown and explain what went wrong. This investigation should be non-partisan -- and complete its work swiftly.
And it’s not just corporate executives who should have to answer questions. Federal intervention in the mortgage markets, through government-sponsored enterprises Fannie Mae and Freddie Mac, certainly contributed to the rising tide of bad mortgages. Members of Congress should be asked whether they were swayed over the years by big contributions from Fannie and Freddie.
The markets may experience still more problems in the next year or so. But if lawmakers do decide at some point that our financial system is again on the verge of collapse, they should fashion a much more carefully defined response.
In short, it’s time to furl the TARP.