jdreyer wrote on Jul 28, 2012, 19:59:
Cutter wrote on Jul 28, 2012, 16:57:
Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
Just saw a good interview with Neil Barofsky about his book and all the stuff still going on with TARP. The corruption and the sheer volume of theft and how the American tax payer has been screwed - yet again - simply boggles the mind. I'm just surprised more of you aren't snapping and going ballistic when you learn about this stuff. I look forward to giving this a read.
Yeah, TARP and the lack of transparency is shocking. People complain about the GM bailout, but that was small potatoes (billions vs trillions) and much of it has been paid back (and was useful in preserving an iconic American industry that actually makes stuff). Most of the TARP money will never come back, and we'll never know who most of those monies were dispersed to. Also, usually losses are repaid out pennies on the dollar, but for some reason TARP paid 100% of losses, which is unheard of.
Sadly, the financial collapse will result in few or no new laws to prevent a repeat. The financial industry pays off the politicians to prevent it. And the Citizens United decision by the SCOTUS further cements that state of affairs.
On the plus side, at least the LIBOR investigation seems to be going well.
I think the part that always gets me with the GM Bailout, is the major reason GM needed a bail out was their greedy employees in the first place. the auto workers union is a prime example of why unions in the US have way too much clout.