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TARP Is Just the Beginning - Barron's

Error. The author states:
"The key problem plaguing capital markets and the U.S. economy is the frozen credit market, with borrowers unable to obtain credit and lenders unwilling to extend it. "

Lenders refuse to lend to each other because they can't determine the credit worthiness of the borrower.

TARP killed the FASB transparency rules. TARP killed any chance of determining credit worthiness of the borrower. Thus, no new lending.

Thus, Congress again is the cause of turning a recession into a full-blown depression.