TARP Inspector Barofsky Video Interview - Banks Deemed Too Big To Fail are now Bigger

The Huffington Post put together an interview video with SIGTARP inspector general, Neil Barofsky.

One damning quote:

I think we may be in a far more dangerous place today than we were a year ago.

 

Original Huffington Post article to accompany the above video interview.

You might also be interested in reading this post, Holy Cow Batman! SIGTARP Barofsky says U.S. on the hook for $23.7 Trillion in bail out!. This is our Economic Populist blog piece with the SIGTARP's last audit and Congressional report (actual report is attached to the post to review). There are clearly a lot of people wanting to know what the hell is going on with their money. The post quickly became the #1 piece read on this site.

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What is scary is if there is a "shock" of some kind

There is not enough ink in the world to print that much money. We needed to break them up when we had the chance - when they were weak.

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the Obama administration

to me diverted the entire issue of financial regulatory reform by starting health care.

Reforms, strong reforms, should have been started last year and should have been completed months ago!

As much as I want universal single payer, which of course was immediately removed from the table...

I'm sorry this is the #1 priority. I mean "almost" financial economic Armageddon happened and it's just "la de da" 1 year later?

I don't think so. But there is the government....same thing with 9/11 in a lot of ways. They had this big commission, all of these critical recommendations....so of course...they blew off many of them.

8 years later, we have once again, someone illegally in the country who got in legally trying to blow up some major building.

I'm more amazed the FBI or whoever can get these guys...
talk about amazing considering finding them must be needles in haystacks.

But hey, if the 9/11 commissions recommendations had been enacted, I do believe it would have made the FBI's job much easier.

But I equate this financial implosion with something as dramatic as a 9/11, while you didn't see video footage of this horrific destruction, behind the scenes, the suffering, I'll bet one can tally up 3k deaths to these events.

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I disagree.

First, the ideology of this Administration prevents really change. Any real reform would require pissing off the financial oligarchy but this Administration doesn't want to do that. Democrats in congress are owned by the financial oligarchy. So, it didn't matter what was a priority real change will not happen.

Real financial reform was and is never going to happen. In 2010 Democrats will be voted out and thugs will be voted in and we will go back to the de-regulation days. But it will be sold as "freedom" and the American people will it up because they are suckers for the "American Dream".

Real health care reform won't happen either because again - ideology.

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I think you just agreed

with me. That's kind of what I said. ;)

Although I do not believe the reason any much needed reforms are blocked is become of ideology. I think the reason is corporate $$, corporations and lobbyists running the country. i.e. insurance, big pharma on health care and financial oligarchy on financial reforms.

Although the corporate lobbyists' propaganda and front groups and front men (Glen Beck anyone?) do help spin corporate lobbyist press kit talking points to get the uneducated flock to parrot the these rewording lobbyist agendas in some faux pas outrage.

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It is all about ideology.

Needed reform was not even proposed by Obama Administration. These half-ass solutions are a reflection of the ideology of this President, Mr. Summers and Mr. Geithner. It starts at the top. Look at what they proposed:

1) OK w/ TBTF and Fed as super-regulator: Pro-financial oligarchy.

2) Derivatives regulation - OK w/ OTC derivatives but everything else must clear - WTF?: Totally Pro-financial oligarchy.

3) Consumer Financial Protection Agency - offered up almost as an after thought and is the Administration is not willing to fight for it.

So, hell yes I believe it is all about ideology.

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let's look at something here

"super regulator" would be heavily against conservative principles.

Bail outs are against conservative principles

Regulations are Pro "small D" principles.

What you're seeing are corporate lobbyist principles which is why no matter which party is in power, you cannot get pretty much any bill through Congress that wasn't written by and for a corporate lobbyist.

So, when you look at Summers/Geithner...
honestly I don't know where they are coming from but I would claim their "ideology" sure looks like it was written by some Multinational corporate board members, CEOs and so forth and handed to 'em, maybe at some "super elites and powerful" exclusive retreat somewhere. ;)

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But ideology goes beyond liberal vs. conservative.

Their ideology is a belief that the financial sector has to be a growth sector for the economy. It must be strong and supported. The ideology is probably corporatism.

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corporatism

sounds like a convergence point to me...

otherwise known as the King Midas religion. ;)

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