SIGTARP

[unixronin]

I'm not sure what SIGTARP should signify in computer terms.  But it would probably be something bad.  Probably related to SIGFAIL.

In this case, though, SIGTARP refers to the Inspector General of the Troubled Asset Relief Program, who has just released the latest official SIGTARP quarterly report.  I'll refer you to cipherpunk for a direct link to the report, in PDF format, and the executive summary on page 6 of the report (not least because if you're not already reading cipherpunk's journal, you probably should be).  But the capsule summary is that, just as many of us predicted, not only did TARP not really fix anything — in fact, the report states that TARP has not achieved any of its stated aims — but in fact it made matters worse.

"We're from the government, and we're here to help."

Comments

[unixronin]

I agree entirely. Even if they were going to hand out money, it should not have been done with no strings attached; it should have been stipulated "You are receiving $X billion in emergency funds on the condition that you write off $X billion worth of at-risk mortgages." But if the money was supposed to get them lending and get money flowing again? Yes, absolutely, just cut out the middleman. Everyone with three working brain cells to rub together knew the banks were going to just pocket it ... everyone EXCEPT Congress and the White House, that is. (And I more than half suspect that Congress knew it too, but expected to get away with lining its friends' pockets yet again.)

Sometimes I think we have just as much a kleptocracy as any African failed state. We're just better at observing the social niceties of it.