The Post's front page news article on the House's approval of the stimulus package described its cost as "staggering." Usually such characterizations are reserved for the editorial pages. Perhaps the Post should find reporters with more steady footing. Carrying through with this liberal use of adjectives, the article refers to the TARP as "massive." It also describes the TARP as an "effort to free up the credit markets." This is a questionable characterization. To date, the TARP has helped to keep many banks out of bankruptcy. Arguably, this is the main purpose of the fund, since Congress has thus far rejected proposals that would focused the money more on freeing up credit as opposed to paying dividends and executive salaries.
--Dean Baker