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They were right to do Tarp and stop the banking liquidity crisis.
But they were wrong to assume Bank reserves didn't matter. The reason they had to do Tarp is that the bank reserve ratio was down to an effective rate of 1%.
They were also wrong to repeal Glass Steagall and let banks engage in riskier behavior.
And they were wrong to let banks balance their risk with credit default swaps issued overseas by an unregulated AIG.
They were right to suggest a stimulus plan to combat a stalled economy.
They were wrong to spend the money on things other than infrastructure, wasting much of it on cronyism, and more of it on expansion of government.
They were also wrong to bake it into the budget baseline after selling it as a one time event.
They were also wrong to roll out a stimulus plan without fixing the structural issues in the economy. Especially free trade with low cost countries that has resulted in high U.S. unemployment.

They were and are wrong to protect zombie assets in zombie banks. Liquidating would have allowed the markets to start over. They were and are wrong to extend the low interest rates that have destroyed the long term capital market and turned everyone into short term speculators. They were and are wrong to extend the biggest bubble of all time, US Treasuries so that the crash will be much worse than the early 80’s. They were wrong, they are wrong, and there’s no way to finesse it to make it right.

To the point on TARP, no. We merely encouraged bailout behavior, when bad stuff happens again, US will ride to the rescue. TARP also failed to clear out the toxic assets still within the system.

So many wrongs, so little FR time to account for them.