The spin on this program was that the government wanted to leverage their scarce funds with private capital. There is precious little private capital going into these deals.

What’s really going on is the administration leveraging its way around Congressional review and approval of the expenditure of a trillion dollars. That’s why they’re using what they have left from TARP, FDIC guarantees and the Fed’s balance sheet via TALF.

Hell of a way to run a democracy.