If analyses of Geithner’s plan are accurate, the really interesting question to ponder is: Why is this called a public-private partnership, when private capital is only putting up 3%? And if private capital is only putting up 3%, why do we need them at all? Surely the government doesn’t need the money, with Bernanke at the helm. Why doesn’t the government just give another $1 trillion to the banks directly, and forget about all this public-private hocus pocus?

But, then of course, we’d be back to TARP. Wait, TARP didn’t work and our TARP stash is running dry. Surely, if we dilute TARP by 3%, and call it TALF, we’ll be better off?