- Treasury is using accounting trickery to cover up how badly TARP has failed.
- It is not complicated to pour trillions of dollars into failing companies to save them. That's why Congress demanded that the money be used in such a way so as to benefit the economy as a whole. TARP and other money that was used has been a dismal failure in that respect.
21st Century Economics: 1. Rampant fraud and reckless mismanagement in the financial sector, 2. Public bailouts of the worst actors in the financial sector, 3. Private debt and liability imposed on taxpayers, 4. Monetary policy aimed at recapitalizing insolvent and recidivist banks, 5. Promotion of business leaders and policy-makers who are chronically compromised, 6. Conglomeration of Systemically Dangerous Institutions into a more empowered menace.
Tuesday, July 31, 2012
TARP Watchdog Neil Barofsky: TARP has been a Dismal Failure
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