TARP Lives!

I've been seeing a lot of cheer leading on liberal blogs lately claiming that TARP is a great big success story. Ha! Here is a revealing video on TARP by Larry Kudlow:

1) $460 billion of commitments were doled out.
2) $386 billion were paid out to banks.
3) $200 billion has been re-paid.
4) $70 billion is still owed by GM and Chrysler.
5) $100 billion was lent to AIG of which $50 billion is TARP funds.

Was TARP really necessary? Kudlow suggests that 1) FDIC loan guarantees for all bank debt--short, medium, long--calmed markets even before TARP and also 2)The Feds money market guarantee eased market fears.