To those not interested in finance or wordsmithery (not sure if it’s a word, but you get the idea), many apologies. I love astrology, but I also love words and financial markets. Sometimes it’s hard to get all three in the same post.
Acronyms are always big in finance and politics. Remember CREEP? That was the unit that got Nixon into trouble — the Committee to Re-Elect the President.
Well, the acronym du jour is TARP. That stands for Troubled Asset Relief Program, the $700 billion bailout proposal that evidently hit a bump in the road after the markets closed Thursday. No surprise there, with Mercury retrograde.
You may recall from an earlier post that the TARP has also been labeled MOAB — the “mother of all buyouts.”
Now, Merriam-Webster informs us that “tarp” is short for “tarpaulin,” which it defines as “a piece of material (as durable plastic) used for protecting exposed objects or areas.” Well, I think that’s a pretty good description of how Wall Street views the TARP.
But the question of the hour is: Will the TARP keep a roof over the head of the American homeowner? Or we will end up living in tarp cities?
Evidently, the Swedes have been through a bank bailout that turned a profit for taxpayers and have some advice for us. Now, if our elected representatives in Washington will only listen.