Where The Bailout Went Wrong -Treasury’s broken promise

[kpete]

Where The Bailout Went Wrong
Neil Barofsky
TARP Inspector General
New York Times Op-Ed
March 30, 2011

...In the final analysis, it has been Treasury’s broken promises that have turned TARP — which was instrumental in saving the financial system at a relatively modest cost to taxpayers — into a program commonly viewed as little more than a giveaway to Wall Street executives.

It wasn’t meant to be that. Indeed, Treasury’s mismanagement of TARP and its disregard for TARP’s Main Street goals — whether born of incompetence, timidity in the face of a crisis or a mindset too closely aligned with the banks it was supposed to rein in — may have so damaged the credibility of the government as a whole that future policy makers may be politically unable to take the necessary steps to save the system the next time a crisis arises. This avoidable political reality might just be TARP’s most lasting, and unfortunate, legacy.


http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=1&hpw

[xchrom]

1. recommend

[xiamiam]

2. well it continues..more criminal negligent bs..treasury..who is that?..geithner

key player in the collapse of our economy..and the fall of the middle class

[xiamiam]

3. as a condition of tarp homewowners were to be helped

he mentions those helped and those thrown out..he does not mention the millions upon millions who were strung along for over a year and then had the trigger pulled in dec and jan and feb..now their homes are in foreclosure..so you can expect another dip..our blue sheet in my county ( record of defaults and foreclosures) went from 15 pages to 75 pages..more shenanigans by not doing what tarp was intended to do..more criminal behavior imo