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Land Of Confusion?

So what has really become of TARP after today?
Follow the confusion. When Paulson sounds ambiguous and vague about the whole thing, it is either:
1. Because the Treasury has a carefully crafted and well defined plan that they intend to execute with artful precision, but which, if it's all the same to you, they would prefer not be subject to ruinous political pressures before implementation;
2. Because the Treasury intends to make major modifications to various financial instruments and does not want to telegraph their intentions to speculators who, traitorous free-market extremists that they are, would not only dream of enriching themselves on the backs of hapless government officials, but would gleefully put their plans into action even if it cost the jobs of the entire administration. (Thankless swine! Remember who repealed Glass-Steagall? 53 Republicans and 1 Democrat, baby).
3. If too many questions are asked about how overpaying for a few dozen-billion in asset backed securities will impact the market-to-market values of several trillion similar securities, the same thankless swine in #3 above would happily manipulate these auctions to profit and pay their massive bonus pools, and we can't have anyone but Goldman partaking of that kind of nefarious malfeasance.
YOW: After the jump.