Many Americans criticized the Troubled Asset Relief Program (TARP) because it helped those who had caused the financial crisis.
The Troubled Asset Relief Program (TARP) was authorized by Congress in October, 2008. It initially set aside $700 billion for use in government intervention; that amount was then reduced to $475 billion in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act for short). The US Treasury Department "established several programs under TARP to help stabilize the U.S. financial system, restart economic growth, and prevent avoidable foreclosures" (US Department of the Treasury information). The biggest chunks of money went to the banking industry ($250 billion) and to the American International Group (AIG), a multinational finance and insurance corporation ($70 billion). These banking and finance groups were the ones largely responsible for the crisis in economic markets. But because they were considered "too big to fail," the government bailed them out. The US automotive industry also received bailout funds ($82 billion). About $46 billion was set aside for programs to help homeowners avoid bank foreclosure on their homes, but that was seen as small help compared to the huge aid granted to the companies and industries that had created the crisis in housing and economic markets.
The main reason why many Americans criticized the Troubled Asset Relief Program was because they thought it was unfair to bail out the irresponsible banks that caused the financial crisis with taxpayer money.
This is a speech given by Patrick Henry at the Virginia ratifying convention. Suspicious of centralized authority, Henry opposed the ratification of the proposed Constitution. He said the new system would take away too much power from the state governments and give too much power to the new national government.
They thought slavery was terrible and they didn't want to take sides with Southern Virginia, where slavery was the main part of the economy and the society. They thought it was immoral, selfish, and cruel. They didn't want to be a part of the movement that supported slavery. (during the civil war)
