Not really.

We have given over $350 billion to banks, brokerages and various financial companies through the TARP program and through the Fed. This has, however, mainly been a transfer of wealth.

We give them good assets and take their liabilities off their hands. As a result of this transfer the banks, brokerages and various financial concerns will not collapse just now. We will not have a catastrophic failure of the money supply like the one that happened in the 1930's when we tried to go back on the Gold Standard - see Barry Eichengreen's Golden Fetters for more on this one.

But right now we need to get used to the fact that most of this money is not going anywhere.

Look at yourselves carefully in the mirror. Would you lend yourself $100,000 unsecured? On your home equity? Nothing personal, Wonks Anonymous thinks quite highly of himself but he would not lend himself the money.

The bailout has made our financial geniuses whole and this has prevented them from jumping out of a metaphorical window and taking the rest of us with them. They are secure and we have a heap of bad assets. Now it is time to start think about really bringing the economy out of this.