last fall, purchase of toxic assets had to be done ASAP or things would fail. Well, what happened? http://abcnews.go.com/Business/story?id=8296946&page=1 Watchdog Warns Toxic Assets Remain a Major Danger to Financial System Report by Congressional Oversight Panel Says the Troubled Asset Relief Program Never Bought Any Troubled Assets Signs abound that the worst of the recession is over: Stocks have been surging, the rate of job losses has slowed, so it seems that the economic apocalypse has been averted. Elizabeth Warren, chairman of the Troubled Asset Relief Program Congressional Oversight Panel,... Elizabeth Warren, chairman of the Troubled Asset Relief Program Congressional Oversight Panel, testifies at a hearing on Capitol Hill, in this July 2009 file photo. A report by the panel warns that toxic assets still present a serious threat, especially for small banks. (Brendan Hoffman/Getty Images)Government programs such as the $787 billion stimulus and last fall's $700 billion Troubled Asset Relief Program have so far been successful, the Obama administration says. Except, the Congressional Oversight Panel warns in its August report, TARP never actually bought any troubled assets. "It is likely that an overwhelming portion of the troubled assets from last October remain on bank balance sheets today," the panel's report says.