Bailout: RIP

The bailout is over: Born October 3, 2008; died December 7, 2009. The banks have been rescued. A Great Depression has been averted. Feeling better?And to adequately reform our system, we must make sure we fully understand the nature of the problem which will not be possible until we are confident it is behind us.  -Henry Paulson, Secretary of the Treasury, at the birth of the bailout.It is now behind us. (By the way, I cite this quote from Paulson not so much to elucidate as to mock the guy who asked for $700 billion to solve a problem, the nature of which he could not understand until it was behind him.)According to the Associated Press Monday, the Obama administration is about to announce that the Troubled Assets Relief Program (TARP) has run its course. They are done. (Well, almost done. Now Treasury Secretary Geithner says he'd like to keep that money around, just in case of "fresh economic shocks." You can never be too complacent about economic shocks, you know....(Read Full Article)

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