'TARP already cost the US Government $89 million dollars -- most of it pissed away on patronage projects.'He doesn't seem to be doing much thinking at all. The rest of his comment makes no sense. TARP and ARRA (aka. The Stimulus) were designed to help the U.S. Economy and were both hundreds of billions of dollars. And all of it happened before the Haiti earthquake.
TARP was the 'bailout' of the financial sector. If it cost $89m, then that's the lowest estimate I've seen by far. Perhaps you are thinking of something else?
Yet only "five countries – Brazil, Norway, Australia, Colombia and Estonia – have so far provided $506m, less than 10% of the $5.3bn pledged for Haiti at a March donors' conference," according to AP.posted by djgh at 2:06 PM on August 16, 2010
Source
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But lest anybody get as confused as I was, we usually hear the word meaning an entirely different thing.
As for the issue at hand, I sometimes wish I wasn't so "cynical that intellectuals attack via open letter" didn't make me strain my eye muscles rolling. But I'm not.
Personally, I think that Haiti would be far better off with Wyclef as president than it would be chasing this particular avenue of funds.
posted by MCMikeNamara at 12:45 PM on August 16, 2010