Wednesday, November 12, 2008

FRP's New Acronym: TARP shifts to SAGGING

Treasury Chief Hank Paulson proposed America's Financial Recovery Program (FRP) shift its focus. When first proposed to Congress in late September, the Toxic Asset Relief Program (TARP) planned to buy up bad assets. Ironically, the Federal Reserve Bank beat Treasury to the purchase punch by buying a chunk of AIG's junk assets.

Hank wants the bailout money used as "an investment program." In other words, America started a sovereign debt fund of several trillion dollars. Your future taxes fund the FRP. I suggest it be called:

Sovereign American Glorious Goliath Investment in Noncommittal Groups (SAGGING)