TARP(s)

In it's utilitarian form the ubiquitous blue tarpaulin is a strong, flexible, water resistant or waterproof material primarily used as a temporary cover, shelter, or protective layer between source and exterior elements. It can be seen to represent, among other things, temporality, privacy, and revitalization.

This project was inspired by the economic volatility and resulting Emergency Stabilization Act of 2008 which authorized the Department of the Treasury to purchase or insure the troubled assets burdening faltering financial markets. The act created the Troubled Asset Relief Program, or TARP, with the goal of promoting financial market stability. The primary objectives of the TARP were to facilitate lending, stabilize the mortgage market, and increase availability of credit to consumers and small businesses. Financial institutions and consumers had failed to manage risk, leaving the American tax payer holding the bill.

Throughout the project, I found myself questioning the understanding of complex economic machinery and the resulting separation between financial institutions and human scale assets. There exists a level detachment regarding our control over public and private elements. The tarp is an intermediary in this seemingly dualistic relationship. The thought of obscure financial instruments wielding power over these mysterious blue veils creates a sense of wonderment and awe.

A golden parachute, a ghost in the machine, and a shrouded stabilization.

What are our real assets?