Let's have a rename-the-TARP contest!

I'd also like to point out how, if we title the eventual prize-announcing blog post smartly, your idea could become quite well-read thanks to Google's ranking algorithm. If you search for TALF (remember TALF?), the Curious Capitalist is the fifth hit that pops up. Behind the Fed and Seeking Alpha, but ahead of Forbes, BusinessWeek and NPR.

Pouring Increased Grease into the Same Large Open Pit.

If we want to go positive, I can think of one anagram people might like

Oversight Bank Asset Management Agency
OBAMA

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Also negative:
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Bank Liquidity And Commerical Holdings Liability Endowment, or BLAC HOLE
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But, on a lighter note:
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Financial Asset Mitigation - Investment Liquidity Inertia Endowment, or FAM-ILIE...Just to hear the phrase 'FAMILIE values' beaten to death by oh-so-clever media types.

I think we should combine the housing bill with the new TARP and call it:
Joint Obligated Housing Nationalization and Government Assistance Lending T-bills
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Mainly in the hopes of people googling "What is John Galt?" and the results come back asking "did you mean 'Who is John Galt?'"

how about PRAT-FALL
Program for the Relief of Assets that are Troubled--Federally Acquired Loan Losers!

or Washington Engineered Loan Fix / Asset Relief Entity or WELFARE

Capital Restructure Investment Initiative - CAPRII
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We once had a healthy and functioning PLO - Palestinian Liberation Organization. Since it is defunct, we should resurrect the name for this TARP by another name as well.
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Something like an ALO - Asset Liberation Organization. It will also soon be defunct so the name is fitting.
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Can't we just nationalize already?

Troubled Asset Recovery Group. A targ is a Klingon pig and this whole thing is an extra-terrestrial porker straight out of Sci-Fi.

MAGIC - Making Assets out of Garbage and Illiquid Crap

BURP - Buying Up at Random Prices

MOAB - Mother Of All Bailouts

Positive, huh? Then I think I have to stick with:

Shiny Happy People's Bank

Plus, think how much fun it will be to see the folks on CNBC try to pronounce the acronym.

The Capital Restructuring of Asset Prices fund (CRAP).

dotbj,
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MOAB would be good, but the $350 billion number is too small.

Subprime Mortgage Assets Relief Transactions

So Here's All ouR Problems (SHARP)

Seeing as these loans have to be paid back, instead of sending funds to the Corporation for Asset Scoring Honorably, financial institutions should just write the checks out to CASH.

Federal Asset Relief Tab - FART - because it stinks!

Everyone is going for clever, but I think we should call it something like Blammy Jammy. Completely nonsensical with a lighthearted feel. That way whenever we say the name, we can't help but have a particular sort of neuron fire in our brains. We'll feel better about the whole thing, and not even know why.

DEEP TARP

LOSER - Lenders Only Seeking Easy Relief

The new TARP should now just be TARP on its head. It is really just like Old Coke versus New Coke.
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Program for Relief from Asset Troubles (PRAT).
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The genius is the simplicity. I would like my swag now.
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In the alternative, you have my permission to use Old TARP and New TARP with proper attribution.

Here are some of my best attempts at it:

Bank Loans And Cash Kitty Helping Offset Low Equity

PROJECT: Federal Undercapitalized Bank Asset Relief (PROJECT FUBAR)

Emergency Provisions In Case Falling Assets Incur Losses

How about some constructive ambiguity with "NO LOSERS"? Not Obama's ... Lenders Only Seeking Easy Relief Serially.

Asset Laundering And Reinvestment Measures