Paulson and the TARP [Greg Pollowitz]
The name TARP, as it relates to the $700 billion bailout bill, stands for "Troubled Asset Relief Program." Now that Secretary Paulson has decided that the bail-out won't actually buy "troubled assets," we need a new name:
Paulson's remarks are an acknowledgement that the centerpiece of the $700 billion bailout request to lawmakers was ill-conceived. Neel Kashkari, the Treasury official who heads the rescue program, told legislators last month that officials shifted to buying stakes in banks because it was a faster way to revive capital markets and the economy.
``I will never apologize for changing a strategy or an approach if the facts change,'' Paulson said.
Treasury and Federal Reserve officials are exploring a new ``facility'' to bolster the market for securities backed by assets, Paulson said, adding later that the program would be ``significant in size.'' Officials are considering using a portion of the bailout money to ``encourage private investors to come back to this troubled market,'' he said.
... The Treasury chief said the department is also considering having companies that accept new taxpayer funding get matching private capital. Buying ``illiquid'' mortgage-related assets — the reason the Troubled Asset Relief Program was established a month ago — is no longer being considered, he said.
Might I suggest "Congressional Redistribution of American Prosperity" for a new name?
11/12 01:06 PM
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