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What should we call TARP now?

In the “Oops! Sorry…” department…

Now that Treasury Secretary Henry Paulson has formally announced that he’s not going to use the $700 billion Troubled Assets Relief Program (TARP) to actually purchase troubled mortgage-backed assets, maybe we should come up with some alternative ideas for what TARP stands for now.

Here are a few ideas:

Terrific Alibi for Rotten Policy

Tattered Administration Realigns Payoffs

Tremendous Actions, Rewards Pitiful

All suggestions welcome…

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