Dear President Obama,

You used a veto threat to get the new TARP money save the credit markets, but if the new money is implemented in the same way as under Bush, your credibility will be severely damaged.  The current TARP bailout has failed at getting the credit markets moving - today there is a report that existing recipients are moving the funds offshore.  It has failed to restart the credit markets and left their investor of last resort (the USA) with little control or even upside.

You should use the new round you demanded to BUY a few large banks out right, and then use those banks to start making loans.  The old system is shattered, and if the USA is underwriting what remains then it should have ownership control.

May I recommend Citigroup?  It can be bought for a low low $20B on the exchange.

Sincerely,