Sunday, August 12

Watchdog says that the bailout of main street failed

The watchdog, who supervised the controversial $700 billion Bank Bailout known as TARP reports on a new book by Neil Barofsky, NBC's Lisa Myers. He claims that TARP much more was main street taking Wall Street, for help.

Neil Barofsky was by Congress and President George W. Bush as the guardian of the $700 billion troubled asset relief program are engaged.

Almost it is accused four years later, out with a tell-all book, Washington with the financial industry bailout to serve the interests of Wall Street, instead of the normal American help.

Barofsky sat down with NBC's Lisa Myers to discuss the book "bailout: an internal account such as Washington abandoned main street at the rescue Wall Street."

Barofsky says Myers that he hopes that the book the public is crazy.

"I want them to understand that we have a real problem in this country in regulatory capture." And we have a real problem with the influence of banks in Washington. "And that we are headed towards an another financial crisis unless we do something to cope", he said.

Barofsky went on to say that although the TARP program of financial Armageddon helped to prevent it failed in some other way.

"Treasury promised if, that Bill was passed, that it's more than just throw fill hundreds of billions of dollars to banks, some holes and the broken status quo maintained wanted to," he said. "It would take the economy to recover." It would restore lending. It was to preserve home ownership. And all these objectives, all these promises were given up by really bad political decisions. "So, in this respect there is an error."

Neil Barofsky, the Inspector General is rescue operation responsible for the massive Bank out with a controversial new book in which he claims that the bailout of the banks bottom line to was to help help, and not of Americans struggling with foreclosures.

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