Well, I'm gonna say this, the truth lies in between both arguments. As usual, what Lybob said was incorrect, having said that, if it wasn't for the actions of the Federal Reserve, most of those banks that received TARP funds wouldn't of been able to pay back the funds that they did. It would be inappropriate to gauge treasuries or the Fed's actions as an overall success for quite some time. Many of these actions have after-effects and unintended consequences that we can't see for quite some time. However, we are beginning to see the early stages of the inflationary implications of the Fed's decisions and we have already saw some of the effects of the bailouts (TARP). The loss of confidence from the public and how they view the Governments role in bailing out these banks, auto companies and etc. does have an impact, not so much in tangible terms but more so in how lawmakers react to the demands of the public. One way is through some of the regulations that have been placed due to TARP, some of these regulations are nonsensical and very restricting which in turn will have a tangible impact on the economy. Usually populist measures and laws written by lawmakers do more harm than good (Dodd-Frank Bill), now I am not in complete disagreement with the entire Bill, there are some measures in there that do make sense, but there are many in there that were placed to try to appease their base.