The world according to TARP
...It passes my test of no equity, no deal; that, plus the danger of financial panic if it doesn’t go through, makes it worth passing, though celebration is not in order.
I am surprised that they stayed with Troubled Asset Relief Program; isn’t everything these days supposed to be MPAPRA (the motherhood, patriotism, and apple pie reconciliation act) or something like that? Anyway, you know what comes next: an avalanche of TARP jokes. Say, throwing money into a TARP-pit.
Overall, Dodd and Frank succeeded in pushing Paulson a fairly long way back; probably as good a deal as they could have gotten. But someday we’ll have an administration that actually proposes good policies to start with.