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Beginning in November of 2008 the United States government was presented with a major dilemma from the three major US auto industry companies Ford GM and Chrysler The three automakers requested from the government a 50 billion bailout in order to avoid bankruptcy A few years later in the 2012 Presidential Debate President Barack Obama continued to use the auto bailout as a prime example of economic success under his administration In this heated debate between President Barack Obama and Governor Mitt Romney however the concept of a government bailout to avoid bankruptcy continued to be a highly controversial topic Governor Mitt Romney in his defense of the success of the auto bailout seeked to offer a different perspective Romney argues that although the president continued to insist that heRomney wanted to take Detroit bankrupt in actuality the president took Detroit General Motors and Chrysler bankrupt6 Obama admitted that yes he did take the companies into bankruptcy but not bankruptcy-bankruptcy6 The Troubled Asset Recovery Program TARP in its introduction in October 2008 as a bank bailout bill initially was intended to assist many too big to fail companies in avoiding bankruptcy However as supported by the primary voice of President Obama TARP fails to achieve its primary goal of protection against bankruptcy Rather the government bailout program instead creates a greater underlying problem of moral hazard liberation of the US Constitution and raises the question of On October 3 of 2008 the Senate as well as President George W Bush signed into law an unprecedented 700 billion plan to rescue the US financial system8 The bill further established the program known as the Troubled Asset Relief Program In addition the bill allocates the amount of 700 billion to buy up toxic mortgages securities and related assets that have undermined the nations financial architecture8 Supporters of the Troubled Asset Relief Program argue that the bank bailouts were necessary in order to prevent an even bigger economic
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