Treasury Bailing Out Insurers --- Hooray We're Saved

Today is going to be a great day. The Washington Post has revealed that preliminary approval has been granted to some of the nation's largest insurance companies for a capital infusion courtesy of TARP. http://www.washingtonpost.com/wp-dyn/content/article/2009/05/14/AR2009051403866.html?hpid=topnews

Anyone else other than me not reassured? Why stop at insurers? Rumor is trucking companies are going to be asking for bailouts next. After that retail. Where does the madness stop? Wouldn't it be nice if we could just bail everyone out? It sure sounds good. No suffering ever for anyone. Not a day goes by that I don't wish I was dumb enough to think it could work. Think of all the good things we could do (and probably will do in the future). We could pass laws stopping companies from firing people. Raise minimum wage to a million dollars an hour. Hooray we're all rich.

Anyway, aside from the ridiculousness of bailing anybody out how much money is actually left in the TARP? If we didn't live in Bizarro World it seems like this would be an easy question to answer. Instead the situation always plays out something like this.

Ron Paul: How much money is left in the TARP?

Timothy Geithner: Well Congressman Paul, first off I would like to thank you for your excellent question. I'd like to begin answering your very important question by first telling you about the overwhelming support Congress gave the Treasury when it passed the TARP. As you know, the program was necessary in order to stop the systemic collapse of the banking system.... [Here Geithner tries to use the words "systemic collapse" as often as possible].... Now this program along with many others that we have diligently instituted have done wonders for increasing liquidity in the capital system. As long as we persevere we have nothing to fear. [Wow that one is quite catchy. Geithner should seriously look into stealing it.]

Barney Frank: Congressman Paul your time is up

Ron Paul: Sigh

Now you see what just happened there? The question never got answered. Geithner said all kinds of things while managing to say nothing at all. Most likely because TARP funds are running dry and he doesn't want anyone to know it. It's much better when everyone thinks the money tree called TARP is in full bloom.

Of course who really cares if TARP runs out of money. At this point I have no doubt that they will somehow either legally pass more money through Congress or use an unconstitutional end around of Congress like they used the FDIC for in the PPIP.

Ah well, at least I can sleep better tonight knowing my life insurer has plenty of fun paper money it can throw around should I die. Goodnight All.