引くに引けない。引いたらコケる。

Minyanville: Five Key Lessons to Take from CIT

5. Of all of the alphabet-soup programs implemented during this crisis, I expect that economic historians will debate the TLGP the most. As we saw yesterday, the market has determined that those with access to it have ensured survival while those without access to it can fail. But with the word "temporary" in its name, the program is meant to have a finite life.

At the risk of going too far out on a limb, I'd offer that unless the new non-bank bank-holding companies are able to replace their existing unsecured debt with government-insured deposits, they have no exit strategy from the TLGP. Put simply, the commercial-paper market and the medium- and long-term debt capital markets no longer afford these firms' sustainable, stand-alone, cost-effective funding.