Barack Obama came to office last year with members of his administration quoting the adage of Paul Romer, the economist: “A crisis is a terrible thing to waste.” But it has wasted the financial crisis.
This week, the last two large banks to receive capital injections from the US government at the height of the crisis in October 2008 agreed their exit with the Treasury. Citigroup and Wells Fargo have chafed under the rules of the troubled asset relief programme (Tarp) and are returning $45bn in order to roam free.
Although it has been extended into next year, the Tarp's raison d'etre – preventing banks from collapsing – will soon be history. So now is a good time to recognise both its achievements and its failures.
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