The bailout formerly known as TARP
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bailout plan | beast of burden | credit crisis | g20 | global recession | government debt | secretary of the treasury | tarp | world economy
It seems like only yesterday that U.S. Treasury Secretary Henry Paulson was up on Capitol Hill, asking Congress for a mere $700 billion to buy bad assets that were clogging up lending. The so-called Troubled Asset Relief Program isn’t buying troubled assets, but the TARP acronym lives on.
Until now. Thanks to Stephen Stanley, chief economist at RBS Greenwich Capital,
“Given that TARP is no longer an appropriate acronym, I propose to start a contest to rename the program,” Stanley said. “My submission is BEAST. Bail out Everyone And Sink the Taxpayer. Unfortunately, there are no prizes in this contest, but feel free to play.”
Send us your best ideas and we’ll be glad to forward them along.
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Right now they don’t even know what to do with the money. It’s mostly gone, handed off to the multitude of feeder sharks that dashed to the free-for-all chum bucket for failing companies.
The sum 700 billion has been thrown around so much that we seem to forget its value and what it COULD do. Helping morgages in crisis would help Americans.
I hope people do realize that $700 billion is enough to employ over 17.5 MILLION people at $40k a year. In my opinion, employing over 3% of our nation’s population for some sort of federal work project (alternative energy? new bridges and roads? etc?) would be a much better use of funds. Especially since this “bailout” is begging for direction.
Everytime there is a crisis in Washington, Congress believes that throwing money at the problem will resolve the issue………here is another prime example…….what ever happened to free enterprise?
Layoffs increase foreclousres, foreclsoures create added stresses on the economies of the world. This is about survival of everyone. Corporations exist and are run by individuals, save the individuals and save the corporations. TARP – subsidize exisitng homeowners with a minimum 15% equity in their home who have a credit score of 700+. Risk of default is minimal. Lower their existing rate by 1% or more — creates free cash flow to enable spending which in turn creates prodcution needs. Rewards the prudent borrower and would minimze any foreclosures that do and will occur. Simple, direct solution with no potential for abuse.
They can still keep TARP. Just think how much money it would cost the government just to change the acronym.
TARP: Treasury’s Altered Redistribution Program.
BUST : Bankrupt U S Taxpayer