John Smit

@TARP Summit: Neel Kashkari's TARP Update

What TARP really is is a TARPaulin that cover up Paulson's rear.

Somewhere lost in this is the dire warnings given to Congress and the American Public about how important it is to buy up distressed mortgages and get "frozen" credit markets moving again, or else.

Instead, less than 2 months later, not a penny was spent buying troubled mortgage assets, but the Treasury Secretary's favorite need at the moment got billions of dollars, totally unaccountable to anyone.

This is almost as bad as Sarah's $150k wardrobe needed to do her cover up.

The true meaning of TARP is TARPaulin, or TARPalin.