Sunday, April 19, 2009

Elizabeth Warren on TARP

Elizabeth Warren, a very smart person, is the Chair of the Congressional Oversight Panel fro the U.S. banking welfare program bailout. She was interviewed by John Stewart and she has some excellent observations.

The Daily Show With Jon Stewart M - Th 11p / 10c
Elizabeth Warren Pt. 1
thedailyshow.com
Daily Show
Full Episodes
Economic Crisis Political Humor

And after the commercial break:

The Daily Show With Jon Stewart M - Th 11p / 10c
Elizabeth Warren Pt. 2
thedailyshow.com
Daily Show
Full Episodes
Economic Crisis Political Humor

6 comments:

  1. I agree with John. She is good!
    I feel better and worse. Better because I believe what she says about there being a good long-term resolution. (Put those threads back in to regulation, you can't have huge money-making machines like banks without regulation, you end up with greedy people crashing the economy) But I feel worse because the government, given a choice, will usually take the short term gains over the long term solutions. Dummies.

    ReplyDelete
  2. Agreed.
    But I don't think that it is "short term gains over the long term solutions", rather its "greed and corruption versus doing what you know is right."

    ReplyDelete
  3. Unfortunately, I think you are right.

    ReplyDelete
  4. She lies by ommision. It's true that deregulation helped fuel the fire. What she omits is the fact that that deregulation started with the Community Reinvestment Act, followed by the great Gramm-Leach-Bliley Act of 1999. Looking at her bio leads me to believe she was a big fan of the Macs(Fred and Fan), who really deserve the lions share of the blame. Its true that greedy bankers helped things along, but why wouldn't they? The government basically MADE them loosen loan criteria under the assumption that the Macs would buy and bundle those loans for resale with inflated ratings. More people get to buy homes, you see? More buyers equal higher prices, giving those bundled assets an even better rating. Other investors(AIG) buy those assets. When the percent of bad loans as a result of this practice reached a certain point the house of cards collapsed, and our politicians who started these problems start screaming GREEDY BANKERS!!

    ReplyDelete
  5. All she said was that we need more regulation. That the regulation was slowly removed over time and that it has resulted in our economy being in a bad place.

    ReplyDelete
  6. Everything she said was true. I'm just pointing out that to me she looks like the fox saying its time to fix the hen house door.

    ReplyDelete