13 November 2008

More E-Z Money From Uncle Sugar

Remember the "Buy My Shit Pile" meme a couple months ago in which we all shared a laugh over getting free government money for running a shitty business? Well, now there's actually a 5-page application to extort taxpayer dollars via something called the "Treasury Capital Purchase Program" to purchase toxic assets. From ABC (h/t apocalyptic-font at Drudge):

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. "By October 26th we had $115 billion out the door to eight large institutions," said Paulson. "In Washington that is a land-speed record from announcing a program to getting funds out the door. We now have approved dozens of additional applications, and investments are being made in approved institutions."
At least entitlement programs like Medicaid can operate under the guise of helping the poor, this bailout turd just seems to reward failure and excess.