Did the TARP Money Really Get Paid Back?

That would be a no.

Short version: If TARP had only done what TARP was supposed to do — prop up the banking system — it still would have been a mess, but a mess for which the banks, not the taxpayers, ultimately would have picked up the tab. With everything that’s rolled up into TARP, we’re going to take a bath. And it could get really bad if we don’t do something about Fannie and Freddie – and by doing something I don’t mean getting behind a whole new passel of weak mortgages made to people who cannot even raise the money for a down payment.