August 5, 2010
President Obama inherited the scariest and most dangerous economic situation in more than 50 years. The economy was in free fall in the spring of 2009, with GDP plunging and employment declining at the rate of 700,000 jobs a month. The financial sector was on the verge of collapse, both in the United States and around the world.
The two big policies used to turn around the economic situation, the Troubled Assets Relief Program (TARP) and the stimulus package, were the right ones, and they have worked as well or better than could have been expected.
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