he's alan blinder, professor of economics at princeton and former vice chair of the federal reserve. >> amidst all the tea parties and assorted screaming from left and right, here's a thought you may not have heard: the tarp-- that's the troubled asset relief program-- was a huge success. wait a minute. didn't we spend $700 billion of hard-earned taxpayer money saving bankers who don't deserve it? of all the things the obama administration has done, wasn't tarp the worst? the answer is no, on both counts. first, tarp was actually a bush administration initiative, inherited by obama. second, only about $300 billion ever went to banks. most important, tarp did not spend taxpayer money, it lent it, mostly in the form of preferred stock. and most of that has been paid back with interest plus capital gains on the stock. the latest estimate is that tarp will eventually lose only $117 billion. and that estimate keeps falling. okay, but $117 billion is still a lot of money, right? yes, but lets remember what was at stake. when treasury secretary paulson and fed chairman bernanke asked congre

. >> who is alan blinder and why do you quote him?>> he's an economist at princeton -- excuse me, he was made a very interesting argument about -- he argues that the distinct ocean that's emerging in the labor market is not the conventional one between those with more education and those with less or rather it's between those who have a service that can be delivered over a wider versus those conservatives have to be delivered on-site or in person and if a lot of are going to find their livelihood more secure against out sourcing to distant countries. so if he puts it, you can't hammer a nail over the internet of the whereas radiologists now find themselves competing with radiologists in india because that image can be transmitted electronically. thirty years ago, we learned that anything that can be put in a box and then on a container ship is going to be made wherever labor is cheapest, which turned out to not hear, it's china. and in the last 10 years, similar logic has emerged for the projects of intellectual labor accountants face