Tuesday, October 27, 2009

TARP Should Not Be Extended - WSJ.com

"The Troubled Asset Relief Program will expire on December 31, unless Treasury Secretary Timothy Geithner exercises his authority to extend it to next October. We hope he doesn't. Historians will debate TARP's role in ending the financial panic of 2008, but today there is little evidence that the government needs or can prudently manage what has evolved into a $700 billion all-purpose political bailout fund."

Slush fund would be more like it. Those who make a living sucking down taxpayer funds are going to have a sudden dry spell (like the Cash for Clunkers programs but magnitudes larger). The expiration of these funds may in fact trigger the second dip, which given those in charge is seeming almost inevitable.

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