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Remember when we were discussing the buying of mortgage securities? Remember when we were discussing whether or not this was a good idea, and then congress passed a few hundred page bill to authorize it? Well, it seems someone has changed their mind.

No Troubled Asset Purchases? Then what are they doing with that $700 billion blank check? They are buying bank stock, not troubled assets. We probably shouldn’t call it the TARP anymore. Instead, they are focused on a capital purchase plan (CPP) which is the widely reported $250 billion plan to use taxpayer money to purchase a stake in banks.

I feel like the loudmouth in a theater watching a horror film screaming “don’t go in there!” even though they’re going to anyway. We say “don’t give them this power, it’s not going to do what you hope it will.” And they give them the power anyway.