WARP Speed Ahead?

The U.S. Congress is being asked to bailout financially failing (or is that failed?) institutions. Specifically, the draft legislation would allow the Secretary - he doesn't really do much typing - of the Treasury to establish a TARP, i.e. a "troubled asset relief program". It is now realized by some that this was a typo. It should have been titled a WARP, i.e. a worthless asset relief program. With this program, those institutions deemed worthy of such help will get a fresh start to keep doing what they did before. There will be some new rules, but, as with all new rules, they'll find a way around them.

This new money will eventually be used to increase the prices of food, clothing, fuel, disease & disability care, and you-name-it. Tax rates won't have to be increased - people don't like that. The balance sheets of businesses will also look better - on paper. We can import more goods - since we're running so low on them - from China. China can also keep receiving those hefty interest payments from financing U.S. Government debts. The whole world will be a happier place... You can wake up now.