CNBC Roundtable Grills Man Behind TARP in Tense Interview: ‘Silly Thing to Say’
- Posted on August 22, 2012 at 11:35am by
Becket Adams
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Neil Barofsky, the former U.S. Treasury Inspector General who oversaw TARP, appeared on CNBC’s “Squawk Box” on Wednesday to discuss his new book, “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street,” and things got a little heated.
“First of all, there’s a contradiction that people pointed out in your book. One is that you say Treasury didn’t listen to you when you were making suggestions about how to improve the program,” a CNBC host said to the former Treasury IG. “At the same time, I think the book says you were instrumental in the success TARP had. So which one is it? Did they not listen to you to did they listen to you?”
“That’s a very silly thing to say, actually,” the former IG responded. “If you read the book, you’ll know that the treasury did refuse to listen to us but we were able to sort of work around a lot of things. For example, we were able to work with congress and the Federal Reserve to help limit impact — ”
“It wasn’t my comment that’s ‘silly.’ It was one made in the New York Times about your book. Are you saying that was ‘silly?’” the host shot back.
“I think that review has been taken down by a number of different things, including the Columbia Journalism Review,” Barofsky countered.
Although Barofsky made it through most of the debate with a smile, he was apparently annoyed enough to tweet the following after he left CNBC’s studios: “Pumped to be appearing with the professional journalists over at @BloombergTV today at 10am.”
Ouch.
And in case that wasn’t enough to convey his irritation with the CNBC panel, he also tweeted this: “Definitely got Krugmanned.”
“Krugmanned,” of course, refers to an interview Paul Krugman did on CNBC where he felt like the hosts were really mean to him — so he wrote all about their “zombie ideas” in a scathing blog post.
Watch the debate [via CNBC]:
Follow Becket Adams (@BecketAdams) on Twitter
(H/T: BI)
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behonest
Posted on August 31, 2012 at 5:39pmWe were bamboozled by the Leftiest banks and Soro’s he says in Nov 2007 laughingly “I know where the dollar will be next year”!! Next year would have meant Oct surprise 2008, We had a little problem Hee Hee her name was Sarah Palin she was moving that poll too fast. All of a sudden out of the clear blue Sept 15,2008 We had our first crisis out of many to come. Hank Paulson running around “The sky is falling I have a three page bill you congressmen must sign NOW” Hardly any of the Republicans would sign for it unless they guarenteed the Money was going to the HOUSING DEBAUCLE. end of story! we were bamboozled….
Report Post »Truth4SureNuff
Posted on August 22, 2012 at 3:18pmThe Banksters are at it again, they will drive the world down and not care at all as long as they profit
Report Post »lukerw
Posted on August 22, 2012 at 2:44pmWith out Banks (a Banking System; a Financial System)… there is NO MEANS to operate an Economy!
IDIOTS!
Report Post »resme
Posted on August 22, 2012 at 3:45pmErr, Nothing wrong with big banks. What’s wrong is when banks are in bed with government to eliminate competition.
Report Post »The_Jerk
Posted on August 22, 2012 at 4:49pmLuke, the problem is placing a private bank in charge of the U.S. economy. The Jewish Rothschild said it best, “Give me control over a nation’s currency and I don’t care who makes the laws.”
hempstead1944
Posted on August 22, 2012 at 5:33pmAnd what makes you think this economy is actually operating?
Report Post »BenInNY
Posted on August 23, 2012 at 9:57amJerk: The Jewish Rothschild? I’m curious, any particular reason to call attention to the religion/heritage? I bet in normal conversation you would’ve said “that Jew, Rothschild.” Not much difference between the two, is there?
Report Post »Sorta like saying “the Christian Jim Jones.”
hauschild
Posted on August 22, 2012 at 1:26pmAnother “elitist” that – like all his ilk – was flying around by the seat of his pants during that time. None of them had a clue about what was going on and none provided even (1) measly piece of evidence of bank(s) going thru the normal process of bankruptcy.
These idiots screwed the taxpayer then, and we’ll be paying for it probably for the rest of our lives, since all the money for bailing was borrowed, and we’re currently 16 trillion in the red, with really no reasonable possibility of digging out entirely.
The problem with elitists these days (which wasn’t really the case years ago) is that none of them understands their limitations, which can really F things up in a hurry.
Report Post »The_Jerk
Posted on August 22, 2012 at 1:55pmNeil Barofsky, let me guess, like Ken Feinberg of September 11th Victim Compensation Fund and current Special Master for TARP Executive Compensation, Jewish.
Report Post »Better wake up.
Mikev5
Posted on August 22, 2012 at 1:01pmNeil Barofsky Is correct on the mark the money was diverted directly into the banks hands and was intended to be used as a stimulus for people to help keep their homes instead it went to the banks that just kept the money and squeezed out most of the people from their homes this did the exact opposite of what the money was to be used for.
It’s amazing how no one remembers that one important point it was for the people not the banks but instead it was swooped up and used by the banks at the very last day as it was passed then used against the home owners not to help them.
Report Post »AintLIBSjuzGreat
Posted on August 22, 2012 at 3:02pmit was Steve liesman the great interupter and bozo his sidekick that were so rude to him, Joe & Andrew were off the show this morning.Liesman is an obvious odumbo lover and is often embarrased and schooled by Rick Santelli
Report Post »tothepoint
Posted on August 22, 2012 at 12:28pmThere is no responsibility taken nor speaking of truth by folks in the government who oversaw TARP, the failed Stimulus Bill with its false “shovel ready jobs,’ the failed “Cash for Clunkers,” Fast and Furious, The Pigford Farmers redistribution of US wealth, and all the rest of the giveaways and horrible failures our government has participated in.
Report Post »Wait for it America – If Obama gets a second term, his first term will look like child’s play.
TreeTrimmerJim
Posted on August 22, 2012 at 12:24pmThe link went dead as Mr Barofsky begin to speak… well the peacock feather logo continues to flash. Start/Stop button has no effect.
CNBC are you messing with the troops?
Report Post »Anonymous T. Irrelevant
Posted on August 22, 2012 at 12:22pmOOOH, those meanies!!
Report Post »hechafteth
Posted on August 22, 2012 at 12:18pmIronic how Bernie Madoff gets life in prison while these other bull**** farmers had billions thrown at them.
My question – What would have been the difference in the costs between the TARP Act and having the FDIC do its job and just let the banks fail?
“Even the Sun, the Moon, and the Stars aren’t too big to fail.” – hechafteth, 8/22/2012
Report Post »Ghandi was a Republican
Posted on August 22, 2012 at 12:12pmTARP stands for “Troubled Asset Relief FUND” designed to ensure the markets that credit lines would continue with this reserve. Obama force the LARGE (too big to fail) banks to take it under threat, thus eliminating the RESERVE FUND. THAT is what happened – it was never intended to be necessary other than a calming influence of backup funding that the banks didn’t need anyway. Meantime 100s of community banks collapsed under the weight of regulations from dodd/franks.
Report Post »MISSION ACCOMPLISHED!
Rothbardian_in_the_Cleve
Posted on August 22, 2012 at 12:44pmInterestingly enough, they didn’t buy the assets. They simply buttressed the balance sheets of the the 19 Too Big To Fail banks with capital and guarantees. I can speak from experience, that it was NOT optional either. Essentially, that day the government nationalized the banks. The 19 TBTF didn‘t mind though because as you pointed out they little guys couldn’t survive the cost of regulation…even thought they didn’t cause the problem. So, rather than having no more TBTF we have LESS banks BIGGER BANKS and the assets have NEVER come off the books. In fact, now that capital requirements are higher our tax dollars sit on bank balance sheets but now must be invested. The OCC now regulates the assets of the capital accounts such that the banks must buy certain things. Guess what they are? Yep, treasuries…muni’s…and large cap equities (warrants really). Meanwhile, since Glass-Steagal never came back, there is nothing preventing the investment banks and derivative desks from leveraging up again on the fractional reserve banking leverage created by the increased deposits from failing small fry banks. Isn’t it awesome!!!!
Continued.
Report Post »Rothbardian_in_the_Cleve
Posted on August 22, 2012 at 12:57pmSo if y‘all are interested in researching this for yourselves here’s sort of a timeline of milestones that “inflated the ballon” if you will in order.
1. Fed created and starts to rob us blind and devalue our currency. Read Creature from Jekyll Island, it’s scary. This gives us fractional reserve banking (pretty important, this doesn’t happen without that.)
2. Bunch of stuff happens, but actually one good thing passes. Glass-Steagall requires a financial wall between Investment Banking and regular banking. Prevents bankers from risking your deposits in speculation. It was actually one thing government got right. Sherman Act was not bad either. I’m rambling.
3. Community Reinvestment Act of 1974. Oh boy, here we go. If you can fog a mirror you get a house. Socialize risk to all of us with Freddie/Fannie. Banks lend else you’re racist.
4. Glass Steagall Repealed. Release the hounds!!!!!
5. Mark to market (Fas 133 and Fas 157) – “Wait, all that crap we bought comes though earnings and balance sheets even if I don’t sell it? Crap, we have no money then.”
6. TARP/ EESA HR 1424 – See above
7. Dodd-Frank — See above.
Government creates the problem. Government offers the solution. Government gets bigger, controls more. We are less free with less competition. Seems history has shown that happens quite a bit no?
Report Post »Rothbardian_in_the_Cleve
Posted on August 22, 2012 at 12:10pmGood thing we have a POTUS candidate that didn‘t agree with that silliness and a VPOTUS who didn’t vote or lobby for that. Could you imagine a Republican ticket that would have supported borrowing/printing 800B dollars from future generations and simply giving it to bankers to cover derivative contracts that went south with our deposited funds…only to have them use the 800B to leverage up yet again? I mean, the GOP voters would be beside themselves. There’d be protests and people all kinds of cheesed off. Thank God that didn’t happen.
Report Post »Walkabout
Posted on August 22, 2012 at 12:26pmBankers playing with unlimited leveraging is like physicists playing with black holes. Trust them they say.
Well the average person better get smarter very quickly or they won’t like what happens.
Report Post »billo
Posted on August 22, 2012 at 11:50amJust thought I would comment since everyone else on this planet thinks this is just more drivel from the self-important, irrelevent “journalists” and “book authors”.
Report Post »face.chewer
Posted on August 22, 2012 at 11:46amI can’t be the only one who thought tarp in this headline was a blue plastic covering am I?
Report Post »RJJinGadsden
Posted on August 22, 2012 at 11:58amMy son has a couple of camouflaged tarps. Those make more sense to me regarding what the government has done with TARP.
Report Post »gbo
Posted on August 22, 2012 at 12:29pmI was thinking more like the Cloak of Invisibility. The current administration’s idea of transparent government is a government that cannot be seen, as opposed to one that can be observed without obstruction.
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