Podcast Document: Troubled Asset Relief ProgramName:Institution: The Global Financial Crisis and the Troubled Asset Relief ProgramIn 2008, the he global economy experienced its worst economic crisis since the Great Depression of the 1930s. The effects of the crisis began to be felt in mid-2007 and by September 2008, the situation had spiraled out of control. The global stock market collapsed, huge financial institutions collapsed, and governments in developed economies implemented measures to prevent their economies from disintegrating. The first clear indicator of the crisis came in 2007, when high U.S. housing prices plunged and mass mortgage defaults occurred. It didn't take long for the U.S. financial sector to shake, and it didn't take long for global financial markets to be in tatters. The U.S. financial sector has been the biggest victim, and the effects have been felt by many businesses and people who rely on credit. The automotive industry was on its knees with a number of industry players filing for bankruptcy; in fact, they only stayed afloat thanks to government bailouts. Indeed, all sectors of the global economy have felt the stinging effects of the crisis, with the United States having suffered the brutal consequences. Although massive fiscal and monetary policies kept the U.S. economy from collapsing, the recovery was very slow. The government's policies were not applauded by many Americans, who believed the government was bailing out the same institutions responsible for the crisis. Among the government programs launched during the recession was the Troubled Asset Relief Program. It was created by the Emergency Economic Stabilization Act to address the bitter financial crisis that reached its peak in September 2008. The treatment...... middle of paper ...... captured by the interests of Wall Street which usually do not serve the well-being of the American people. In fact, he stressed that no presidential candidate had the desire to streamline the operations of financial systems. However, he argues that since some members of Congress have broken relations for the good of the economy and the people, these same people can be the driving force toward meaningful reforms. The American people should never be subjected to such humiliation at the hands of a few large financial institutions that have the material resources to influence economic decision-makers. In fact, if there were political will and appropriate legislation and regulation, the American people would have benefited optimally from the rescue package. Taking a stake in the big bankrupt banks would have given better returns to taxpayers.