The argument by Timothy Geithner and the New York Times that the extraordinary measures the government took during the financial crisis were a success because of the "profits" the government made on the troubled asset relief program is the topic of my column this week. Please check it out at the New York Sun (here), Reason (here), and Newsmax (here).
After the column appeared, an astute reader-watchdog-community member pointed out there's even another way that the Tarp "profits" are bogus: they don't take into account the Federal Reserve's actions buying assets to prop up the value of the assets of the Treasury.