Podcast Paper: The Distressed Asset Relief ProgramName:Institution:The Global Financial Crisis and the Distressed Asset Relief ProgramIn 2008 the global economy experienced the worst economic crisis since the Great Depression of the 1930s. The effects of the crisis began to manifest themselves in mid-2007 and by September 2008 the situation was out of control. The world stock market had collapsed, huge financial institutions had collapsed, and governments in developed economies had taken measures to save their economies from disintegration. The first clear indicator of the crisis occurred in 2007, when high home prices in the United States collapsed and massive mortgage defaults occurred. The U.S. financial sector soon began to shake, and before long, global financial markets were in tatters. The U.S. financial sector has been the primary victim, and the effects have been felt by many businesses and people who rely on credit. The automotive industry was on its knees with numerous industry players declaring bankruptcy; in fact, they only stayed afloat thanks to government bailouts. Indeed, every sector of the global economy has felt the stinging impact of the crisis, with the United States suffering the heaviest effects. Although massive fiscal and monetary policies prevented the US economy from collapsing, the recovery has been very slow. The government's policies were not applauded by many Americans who believed the government was bailing out the very institutions responsible for the crisis. Among the government programs initiated during the recession was the Troubled Asset Relief Program. It was created by the Emergency Economic Stabilization Act to address the biting financial crisis that reached its peak in September 2008. The treasury... half paper... captured by Wall Street interests that usually do not serve the well-being of the people American. In fact, he stressed that no single presidential candidate has the willpower necessary to streamline the operations of financial systems. However, he says that because there are members of Congress who have severed ties for the good of the economy and its citizens, these same people can be the driving force toward meaningful reform. 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. Indeed, if the political will, as well as adequate legislation and regulation existed, the American people would have achieved optimal results from the bailout program. Equity ownership in the huge collapsing banks would have given taxpayers higher returns.