Yves Smith on Naked Capitalism on TARP:
"But here we go, virtually no restrictions (the Bloomberg article mentions executive comp limits, but given Paulson's stance, expect this to be cosmetic), no (a la Sweden) having a disciplined process to figure out who was worth salvaging and concentrating rescue dollars on them, and having a strategy (consolidation, liquidation, spinning bad assets off into an Resolution Trust type "bad bank" vehicle) for the ones that didn't make the cut.
The Swedish government showed a profit by taking deliberate action. Throwing money at a dartboard isn't likely to produce good outcomes."
I'm sensing a pattern to these criticisms. We're not quite up to following the Swedish Plan. That would be too clean, clear, sensible, and easy to get out of.
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