TARP Inspector General: TARP was a Failure

Neil Barofsky is not my favorite guy in the world. His principal beef seems to be that more stimulus didn’t make its way to Main Street. I think “stimulus” was and is a bad idea.

But this video is worth watching because at least he says it like many of us know that it is. Treasury doesn’t give a damn about anyone but the banks on the Street.

It’s also worth watching to see the Squawk Box Dobermans snapping at Barofsky because he dares question the wisdom of TARP. TARP is what kept the world from imploding after all. Their world. The CNBC world.

Given that GE (the parent company of CNBC) was a huge beneficiary of government (taxpayer funded) largess in 2008 I suppose we should expect nothing less from this crowd.

And I love how Steve Liesman condescendingly speaks to anyone who questions the actions of the Fed or Treasury. He’s always been a Keyensian shill, but he has just gotten worse and worse over the years. I’ll bet interning for him is a joy.

10 comments
Joshua W. Scott
Joshua W. Scott

'I need $700 billion, because it's a really big number. And I need it to buy things that no one is capable of pricing. Yeah, that's it.'

Joshua W. Scott
Joshua W. Scott

'I need $700 billion, because it's a really big number. And I need it to buy things that no one is capable of pricing. Yeah, that's it.'

The Editor
The Editor

This administration has done more to advance crony capitalism-so much for hope and change! It is amazing how these banks raked in the government bailout money until the government was exposed and had to cover their butts by placing restrictions on salary and bonus. All of a sudden, banks could quickly repay the money. No business could repay that amount of money so quickly if they were really in dire straits they claimed when they received the bailout. In my opinion, It shows that the banks did not need the money in the first place. A grand fraud played on the taxpayer.

Jason Haudenshield
Jason Haudenshield

tarp was a failure because the dodd-frank bill was already there the crisis just made it easier to pass. with the increase of money needed to be in reserve. it assured that very little money would of been loaned out.

John Shaffer
John Shaffer

AS I said both party's supported the tarp bail out that included A.I.G insurance corp. which rush limbaugh supported and stated on his radio show because he had money invested in A.I.G. they all love wellfare as long as it's going to them just not the poor what a joke.

Michael J. Novak
Michael J. Novak

A failure? No surprise there -- government "solutions" usually are.

Rich Demanowski
Rich Demanowski

Heh. When even a government bureaucrat admits failure, you KNOW it's bad.