Columnists, on most occasions when they talk TARP will courteously (or condescendingly) identify it as the Troubled Asset Relief Program. But when they get deep in debate, they call the assets ‘toxic’.
So let’s do the semantics: after all, troubled is lightweight compared to toxic. Troubled has an inherent innocence, a condition calling for our patience and wisdom; troubled could be a soul in agony, in need of compassion. Troubled shouldn’t be left out in the cold. What, are we monsters? But toxic is poison. In a financial world, toxic is man-made poison, like chemical seepage into our water sources, the negative effect of irresponsible, often misanthropic intent.
If we rename this then, Toxic Asset Relief Program we might be more willing and able to confront these financial institutions with the intellectual curiosity they so richly deserve.