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The Incredible Shrinking PIPP

By Brian | October 6, 2009 | Share on Facebook

Great news! The Obama administration has found a way to cut $488 billion from a government program, and reduce the total projected commitment of that program by a whopping $960 billion! I guess we can pay for healthcare now! OK, maybe not…

The program is the Public Private Investment Plan, or PPIP for short. PPIP was designed to achieve what Treasury Secretary Hank Paulson originally said the TARP money would be used for – buying mortgage-related assets from Wall Street firms in order to expand the power of their balance sheets. Of course, when they actually gave him the money, he decided to use it to buy equity in the banks instead.

That was back in September of 2008, when the worst financial crisis of our time demanded immediate, decisive action. Like suspending the two presidential campaigns for a photo-op at the White House.

Having failed to actually buy any of these so-called “toxic assets,” our government tried again in March of 2009, launching the PPIP program, which intended to use “$75 to $100 billion in TARP capital and capital from private investors [to] generate $500 billion in purchasing power to buy legacy assets

Topics: Money Talk, Political Rantings | Comments Off on The Incredible Shrinking PIPP

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