House oversight subcommittee on domestic policy was playing today on cnn and c-span, grilling the assistant treasury secretary. apparently they didn't even bother to use the troubled assets relief program (tarp) to buy toubled assets. instead, they created a program to give the $700B to any bank that applied for it to do with it whatever they decided.
So...anybody want to start a bank? Credit unions take 500 members to start. $50B is still to be allocated to "new capital," whatever that means exactly.
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