Barofsky: We Are Headed for a Cliff Because of Housing

23 Sep

Livinglies's Weblog

Editor’s Note: Hera research conducted an interview with Neil Barofsky that I think should be  read in its entirety but here the the parts that I thought were important. The After Words are from Hera.

After Words

According to Neil Barofsky, another financial crisis is all but inevitable and the cost will be even higher than the 2008 financial crisis. Based on the way that the TARP and HAMP programs were implemented, and on the watering down of the Dodd-Frank bill, it appears that big banks are calling the shots in Washington D.C. The Dodd-Frank bill left risk concentrated in a few large institutions while doing nothing to remove perverse incentives that encourage risk taking while shielding bank executives from accountability. Neither of the two main U.S. political parties or presidential candidates are willing to break up “too big to fail” banks, despite the gravity of the problem. The assumption…

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One Response to “Barofsky: We Are Headed for a Cliff Because of Housing”

  1. Deadly Clear September 24, 2012 at 10:16 am #

    Totally agree. If you can afford to buy an extra copy – highlight Chapter 8 “Foaming the Runway” and send it to your Congress Rep and US Senator.

    Don’t worry if they get more than one copy their aides and friends will benefit.

    It’s one of the best tell all books on the market.

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