Thursday, May 16, 2013

POS on the Page - Bailout by Neil Barofsky

So in my MBA program, we were discussing the sorry state of the economy and who is to blame for the mess our country still is in, 6 years after the housing bubble burst and wrecked things. This book came up in the conversation as a great read, so having read it I thought I'd share my thoughts.

Bailout by Neil Barofsky.  My recommendation: Must Read!

Bailout is an inside account of the TARP program and what went on within the Treasury Department in the waning months of the Bush administration and the beginning of the Obama one. The author, Neil Barofsky, has a unique insiders perspective as to what went on in that time. He was appointed to be the Special Inspector General in charge of Oversight of TARP, aka SIGTARP. In his role as SIGTARP, he was supposed to monitor how Treasury was using TARP monies to help the economy and to protect the money from fraud. During his time in DC, he saw how programs ostensibly designed to help those of us down on Main Street instead wound up helping Wall Street while screwing over the rest of us.

This book will make you angry, very angry, at the massive incompetence and blatant asskissing of Wall Street by those in power in DC. It makes me want to grab a torch and pitchfork and form a mob to storm the Treasury in protest and outrage. The book pulls no punches, and regardless of your political affiliation you have to read this book. Just like I recommended the works of Matt Taibbi in a post a while back (which you can read here), I absolutely recommend this book for all to read. (Additionally, you can read Taibbi's thoughts on the book at this link here). It really helps to explain the financial crisis in clear terms, and it also makes you realize how another financial crisis wrecking the economy is not a matter of if but when, thanks to the government's continued worshiping of Wall Street.

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