A former Washington official's description of how difficult it is to stand up to the dysfunctional system and do what's right.
Want to know how your government really works? What forces really shape policy? Want to know why the current financial crisis is not the problem, its just a symptom of the real problem that is destroying America!
This work is an in depth account of all the forces that came together to create the housing bubble and its inevitable collapse. The Gorden Gecko character from "Wall Street" is a small time operator compared to the real sharks and thieves running our economy!
I definately will, because Neil points out the falacy within our democratic system.
I wish he would cover more on the Auto Bailout and how they terminated businesses unjustly
Barofsky shows how infinitely corrupt the politicians are. Is there still hope?
What is there to like? The politicians are ruining a remarkable social experiment. If our system survives, our children are lucky.
This was a very open and honest story about how our government caters to big business, in this case banks, and the rest of us are just a vehicle for them to do so. At the end of the day our wallets and purses are all our elected officials care about; not our needs and protection. The Constitution states that the purpose for the federal government is to protect the people. This book makes it abundantly clear that is a meaningless charge when it comes to the latest group of "for sale" administrations. Bush setup TARP and Obama ran it. And both Administrations lied to the public when it came to how the funds would be used to pass it, and all of them made sure the Banks (and Wall Street) were protected in the mortgage bailout, while we picked up the tab and did not get anything for our money!!
This book was written by someone that knows where all the bodies are buried and whose job it was to police these bailouts. He was our advocate in Washington by Congressional mandate and he was ignored and considered an obstacle by the crooks in the Treasury department. It is those appointees, who should be in jail for fraud along with the bankers that ripped off everyone, but instead they were given a free pass and bonuses by their Wall Street pals in the Treasury Department with taxpayer bailout funds!! And it should come as no surprise that they are positioning us for another round of rip-offs as I write this review, but no one seems to notice or care. The occupy Wall Street crowd was not wrong, just too unfocused. In the end, this book proves that we as Americans have a serious problem with our system and elected officials. They only care about money and power, and those of you loyal to a political party are just their pawns in a much bigger game where you are the cannon fodder. Believing in any politician is like believing in the Easter bunny because they all have their hand out and this book helps to prove that assertion.
This is a very important book and folks should spend the credit, listen to it, and start voting out these folks. It is clear the writer does not have a political axe to grind because he blames both parties for the endless stream of Wall Street insiders appointed to the Treasury department. IT is very clear that the Treasury Department puts Wall Street first, even when they commit fraud – while the rest of us go to jail for the same crimes they commit daily……
GET THIS BOOK. INVESTIGATE THE WRITER. HE IS THE REAL DEAL.
The author provides an interesting insider's view of the workings of the Treasury in the months and early years after the financial collapse. This is a surprisingly interesting story that reveals how tightly coupled the Treasury is to Wallstreet. The revolving door ensures that the priority of the Treasury following the crises was to prop up the WallStreet and the Banks. Programs that were intended to help homeowners caught up in the crises were implemented by Treasury in such a way that they had a completely different purpose. Rather than restructuring mortgages to benefit the distressed homeowner the plan intention was to spread out the foreclosures in time such that the banks would have the capacity to process them. The goal was to maximize the return to banks and mortgage processing companies rather than to help the homeowners. This is but one example from the book.
My take away from the book was that the Treasury has been thoroughly captured by the Banks and Wallstreet and no longer works in the interest of most of the tax payers.
Just like you, I spend my money here and am not on any author's payroll :)
The difference between this title and others in the economics/"Great Recession" category is that it comes from from someone who was inside the US government in a high-level position at the time of the TARP bailouts. This gives listeners a different and severely troubling perspective than one would receive from those outside of the government sphere (such as economists, academics, Wall Streeters, TV political talk show hosts, etc.).
With that - this is a MUST listen, and I found Mr. Barofsky's narrative very troubling with respect to our nation, government, and the political circus that we (the American people) have let Washington DC become. Whether it can be 'fixed' (and always ask the question 'fixed - for whom?') remains to be seen, but from what I gleaned from this excellent title, don't hold your breath waiting for miracles from the US government.
Kudos to Mr. Barofsky for the candid bearing of the 'soul' of the US government as it deals with severe economic crisis....and pray for our nation, as it sure needs it.
Let's face it, these authors aren't paying me, so there's no need to lie!!
If you are an American, you need to read this. It will truly frighten you to learn just how much the government was working AGAINST you when the financial markets got in trouble... UNLESS you're the CEO of a big bank, and then the government is actually YOUR BEST FRIEND! It truly amazes me how the big banks can break laws, make risky bets, and walk all over the average citizen, and yet our government REWARDS them for it!! This is stuff that would send any "average" citizen to jail, and it's getting the big banks (and their CEOs) REWARDED. Yes, a few trillion in free money, for doing nothing, is a reward.
Before reading this book, I knew it was bad, but WOW!! It is much worse than I thought. Bravo to Barofsky for having the balls to write this.
It is non-political, fair, and fact-filled. What's really impressive is how the author took a subject that is boring, and over most people's heads, and made it exciting and easy to comprehend. You don't need an MBA to enjoy this book... even though what our government did to us should make you sick.
Narrator is great.
Former President Bush often gets a bad rap, and often rightfully so, for his handling of the economy but after reading 'Bailout', shame should fall on the Obama administration and especially the Treasury Department and it's head secretary Geithner. The duty of the Inspector General is to protect the tax payer so who would have thought that his biggest obstacle would be our own Government under Geithner. If this book does not make you mad, nothing will.
BA English MA Political Science Political Independent Intellectually curious Critical reader
This is probably a one off for Mr. Barofsky. I doubt he will be in a position of power like this with an interesting story to tell any time soon.
Tim Geithner. You gotta love a guy that is a tool of the machine and is unyielding in that duty.
This book gives really interesting insight into the financial crisis with details and explanations that are completely missed by many of the other books available on the topic. Mr. Barofsky is obviously a nobody sent to D.C. to do a thankless job. His perspective of the mortgage crisis is important because he looks at what was happening on the ground floor with a lot more detail. Most other books detail the CDOs, CDS, and securitization issues, but Mr. Barofsky spends a significant amount of time on the point of contact between the public and the mortgage dealer.
The reviews pan Mr. Barofsky as a hyperbolic bean counter attempting to go whistle blower in an attempt to minimize his profile and story. The problem is that his story and experience ring true for anyone who has been personally involved with a mortgage issue in the last five years.
TARP was a give away to the banks. Our financial regulatory policies are being dictated to our Congress by those who are being regulated. The status quo in Washington is a hinderance to the nation's future growth.
All of this is true...but the only way it can change is through a duly elected official who has a constituency that supports them, not a presidential appointment that can be quickly and quietly replaced via Friday afternoon press release.