"Even if TARP saved our financial system from driving off a cliff back in 2008," writes Barofsky, "absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car."
As to the Iraq War, former Prime Minister Blair's detractors -- during his testimony -- shouted "liar" and "murderer." Blair stood his ground. He denied that he and President Bush decided on war irrespective of whether Saddam Hussein complied with the final U.N. resolution. He acknowledged mistakes in intelligence and in the execution of the war.
Wouldn't Saddam, left in power, have provided leverage over Iran?
"Let's be clear," Blair said. "There's another view of foreign policy in this instance, which is if we'd have left Saddam in place, he would have controlled Iran better. I really think it's time we learned, as a matter of sensible foreign policy, that the way to deal with one dictatorial threat is not to back another."
Would you make the same decision?
"Don't ask the March 2003 question, but ask the 2010 question. Suppose we back off. What we now know is that he retained absolutely the intent and intellectual know-how to restart a nuclear- and chemical-weapons program when inspectors were out and the sanctions were changed. ... This isn't about a lie or a conspiracy or a deceit or a deception. It's a decision. And the decision I had to take was could we take the risk of this man reconstituting his weapons programs or is that a risk that it would be irresponsible to take?"
"The decision I took -- and frankly would take again -- was if there was any possibility that he could develop weapons of mass destruction, we should stop him. That was my view then, and that is my view now. ... (I feel) responsibility, but not regret, for removing Saddam Hussein. I think that he was a monster. I believe he threatened not just the region but the world."
Both the Iraq War and TARP are monumental decisions with far-reaching consequences. We don't know what would have happened had we not bailed out the banks. We don't know what would have happened had we not gone into Iraq. But even in opposing the Iraq War back in 2002, Obama said, "The world and the Iraqi people would be better off without (Saddam)."
Well, are we better off with TARP? It sure seems as if we are driving on the same winding road -- only "in a faster car."