I wrote this last night, and never finished it up:<\/p>\n
You know TARP, right?\u00c2\u00a0 No?\u00c2\u00a0 Barring a name change, I can almost promise it will become one of the most used acronyms in American political conversation for years to come.\u00c2\u00a0 TARP is the Troubled Asset Relief Program (i.e., the Bailout).<\/p><\/blockquote>\n
Good thing, because we’ve got a new name this morning: Emergency Economic Stabilization Act of 2008.\u00c2\u00a0 While I thought that opposition to the originally proposed Paulson plan was a no-brainer, I’ve been trying to find decent analysis of the latest iteration.\u00c2\u00a0 So far, this piece by Steven Davidoff<\/a> has been one of the most forthright:<\/p>\n
In the end, the bill is largely what Mr. Paulson wanted, with some interesting side bars. The House put in some oversight, but judicial review of the Treasury secretary\u00e2\u20ac\u2122s actions is still subject to an \u00e2\u20ac\u0153arbitrary and capricious\u00e2\u20ac\u009d standard. Moreover, the executive compensation and the equity purchase provisions are so watered down that they are not likely to be implemented with respect to any participating company.<\/p><\/blockquote>\n
It’s not a terribly long or dense analysis – I urge you to read the whole thing for yourself.\u00c2\u00a0 It ends with this:<\/p>\n
If the bill is passed in this form, the Democrats will claim a victory through these executive and corporate governance provisions as well as the warrant provisions. But Mr. Paulson can decide how much of these warrants to take, and the executive compensation and corporate governance provisions are unlikely to be implemented for any companies. The bill is not much different than the original proposal \u00e2\u20ac\u201d just 107 pages longer. Ultimately, the credit markets are frozen and we need this plan, but the authority provide the Treasury secretary and the potential scope of this program is troubling.<\/p><\/blockquote>\n
I’m still inclined to stand against it.\u00c2\u00a0 Sure would like to see a convincing argument for it, though.<\/p>\n
Update:<\/strong> Krugman thinks that it’s the best viable bill<\/a> the current political circumstances can produce.\u00c2\u00a0 Weak tea, indeed.\u00c2\u00a0 (This is what thinks would be ideal<\/a>, the politics of it aside.)<\/p>\n
Update II:<\/strong> This post has already been copied and posted to some site with the url – troubled-asset-relief-program.net.\u00c2\u00a0 And already, I’ve gotten traffic from J.P. Morgan as a result.\u00c2\u00a0 Hey, people, get back to work!<\/p>\n","protected":false},"excerpt":{"rendered":"
I wrote this last night, and never finished it up: You know TARP, right?\u00c2\u00a0 No?\u00c2\u00a0 Barring a name change, I can almost promise it will become one of the most used acronyms in American political conversation for years to come.\u00c2\u00a0 TARP is the Troubled Asset Relief Program (i.e., the Bailout). Good thing, because we’ve got […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"ngg_post_thumbnail":0,"activitypub_content_warning":"","activitypub_content_visibility":"","activitypub_max_image_attachments":4,"activitypub_interaction_policy_quote":"anyone","activitypub_status":"","footnotes":""},"categories":[6,8],"tags":[],"class_list":["post-1334","post","type-post","status-publish","format-standard","hentry","category-policy","category-politics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/posts\/1334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/comments?post=1334"}],"version-history":[{"count":4,"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/posts\/1334\/revisions"}],"predecessor-version":[{"id":1335,"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/posts\/1334\/revisions\/1335"}],"wp:attachment":[{"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/media?parent=1334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/categories?post=1334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blacknell.net\/dynamic\/wp-json\/wp\/v2\/tags?post=1334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}