Like our other programs, the TALF carries little credit risk for the Federal Reserve, because we lend investors less than the value of the collateral and because capital from the Treasury provides additional loss-absorption capacity. Unlike the other programs, TALF credit outstanding has increased over time, as the loans made under this program are for terms ranging from three to five years.
The result can be seen, for example, in the extremely complicated tax and social security system, which is characterised by innumerable piecemeal amendments and supplements. The system has  2  BIS Review 48/2003  become immensely complex and, as a result, is increasingly perceived as unjust. The epithet “tax and subsidy jungle” indicates the loss of clarity and transparency.