Obama’s address to Congress, February 24:

Now, I understand that when the last administration asked this Congress to provide assistance for struggling banks, Democrats and Republicans alike were infuriated by the mismanagement and the results that followed. So were the American taxpayers. So was I. So I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you — I get it.
But I also know that in a time of crisis, we cannot afford to govern out of anger, or yield to the politics of the moment. (Applause.) My job — our job — is to solve the problem. Our job is to govern with a sense of responsibility. I will not send — I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can’t pay its workers, or the family that has saved and still can’t get a mortgage. (Applause.)
That’s what this is about. It’s not about helping banks — it’s about helping people.

The Washington Post, today:

The government is seeking to resuscitate the nation’s crippled financial system by forging an alliance with the very outfits that most benefited from the bonanza preceding the collapse of the credit markets: hedge funds and private-equity firms.
The initiative to revive the consumer lending business, outlined by officials this week, offers these wealthy investors a new chance to make sizable profits — but, thanks to the government, without the risk of massive losses . . .
The program, which could involve the government lending nearly $1 trillion to these investors, exceeds the size of every other federal effort to address the crisis so far. The initiative’s approach could be the model for future federal efforts to aid the credit markets, sources familiar with government planning said. Officials call this strategy a “public-private partnership,” but in essence the government is offering good deals to private investors to draw them into its rescue efforts.

After the past bailouts, the Treasury is now thinking about lending nearly a trillion to hedge funds to set up a deal where they could see massive profits, but avoid any risk of massive loss. Privatizing profit, socializing risk, it would seem.

But don’t worry, America. President Obama assures us he “gets it.”

Does this seem close enough to meet the “expiration date” criteria?