Is TARP Really a TRAP but is Scott Malkinson really Scott Malkinson?
Haven't we all had and heard enough about TARP (Troubled Asset Relief Program), BusinessWeek had to go ahead and put together a brilliant article today titled, Is TARP Really a TRAP? The Masters response is even more important, is Scott Malkinson really Scott Malkinson?
Via BusinessWeek: TARP (Troubled Asset Relief Program), of course, went from being an asset purchase program to a capital investment program and therefore needs a new name. Under the Treasury program, the government will invest $250 billion in the nation’s banks. A Treasury spokesperson says $158 billion has already been committed with another $92 billion to go. The hope is that new capital will get banks lending again. And many small banks, major small business lenders, are lining up now.
Face it, its all a joke, and Paulson is going to do whatever he wants, you would have greater success debating is Scott Malkinson really Scott Malkinson?
Democrats, who are urgently pressing for aid to homeowners at risk of foreclosure as well as to the auto industry, said Paulson gave Congress a misleading sales job about how he would use the bailout.
"You seem to be flying a $700 billion plane by the seat of your pants," said Rep. Gary L. Ackerman (D-N.Y.), in the hearing.
"There is no playbook for responding to turmoil we have never faced," Paulson said. "We adjusted our strategy to reflect the facts of a severe market crisis."
Way to make America proud Jackasses, keep it up, the world is watching.
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