The Wall Street Journal is reporting this afternoon that the Treasury Department is mulling the expansion of its bank equity purchase program to cover insurance firms. And other firms in other industries, including non-financial companies, are also asking be included. It should just say no to these ill-considered ideas. The program, begun by the Treasury Department two weeks ago when it purchased major stakes in the nine largest U.S. banks, was from the beginning touted as an exceptional response to an exceptional situation. Not only did bank failures threaten a …
