You can make a strong case that the TARP was necessary to keep the financial system from collapsing. But from the point of view of the average taxpayer, who's financing all this, the fact remains that credit is as tight as ever.

Bloomberg notes the irony: Taxpayers are "propping up an industry that won't lend to them." This goes way beyond  the TARP. All those special new Fed facilities were aimed to loosening the credit spigots, and consumers aren't yet benefiting. So while mortgage rates are very low, we're still not seeing much activity. Plenty of politicians are up in arms, but I maintain the issue is very complex. You can understand why banks wouldn't want to lend willy-nilly right now. But it's clear they've got to do something.

For more:
- here's a Bloomberg article

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TARP news from FierceFinance