TARP Extended Through October 2010

Since I'm conscientiously objecting to pay attention to anything related to Tiger Woods, his alleged infidelities or his Swedish mother-in-law, the biggest news today, in my opinion, comes out of Washington, where the Obama administration has announced plans to extend the troubled assets relief program (TARP) through next October.As ABC News reported last night:

ABC News has learned that tomorrow the Obama administration is expected to announce it is extending the controversial Troubled Asset Relief Program, or TARP, until October 2010, with the purpose of using it to free up credit for small businesses to expand and for homeowners to secure their mortgages through the Obama administration housing program.

Meanwhile, the Wall Street Journal provides the full text of Treasury Secretary Timothy Geithner's letter to Nancy Pelosi, which outlines the TARP plan. Geithner can extend the program, but is required to notify congress.