Washington's Lies About TARP's "Success" Are Worse Than The Original Bailouts, Part I | David Stockman

``TARP wasn't "repaid" with a profit. It was simply perpetuated and  morphed into a new form of destructive state subvention and malinvestment.'' -- Yes, to David's remarks, we would add that the Fed has pioneered a new form of moral hazard/enablement, that of "laundering" major bailouts to make them look squeaky-clean, as if there's no downside to the major, adhoc, power-favoring intervention of the sort that TARP consists of (of course, this has required the even greater evil of ZIRP/QE -- but we haven't quite reckoned with that... yet .... )