A brand new TARP!

It’s blue, waterproof, and has grommits made out of a mixture of gold and platinum that was hand-mined by the reanimated body of Albert Einstein, who really hates mining, on a moon of Jupiter specially discovered for the occasion (all of which made it a little pricey. But only about $1,000,000,000,000 – 3,000,000,000,000, so it’s still a deal).

Sec. Geithner presents his plan for the new TARP

Sec. Geithner presents his plan for the new TARP

Treasure Secretary Geithner presented the new plan today in D.C. It includes using the rest of the first Bush admin TARP to directly infuse banks with capital (~$350bn), a “bad bank” to buy up bad assets (~$500bn), more loans from the Treasury (~$hella bn), and a ton of other stuff that is incredibly confusing.

Hopefully this will finally free up the credit markets, so people can get back to investing and inventing and hiring and spending. Or at least that’s what I think it supposed to do.

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