Feb
15
2011

WaPo's Anonymous Source Trashes TARP Watchdog

From the Washington Post piece today (2/15/11) about TARP inspector general Neil Barofsky's resignation: "We're fine with critics," said one Treasury official, who spoke on condition of anonymity in order to speak more candidly. "[But] he's been consistently wrong about a lot of big things." That's a prettyserious charge to level atsomeone–which is probablywhy you'd do so anonymously, since then youdon't have to back it up. Why the Post would print it is another matter entirely. Thefact that they would refer to this as a "candid" assessment is totally puzzling. Read the rest of the article, though, and you come […]

Jul
12
2009

MSM Still Ignoring Bank Bailout Alternatives

A Tiny Revolution blogger Jonathan Schwarz (7/9/09) has posted a reminder that "back in March Phillip Swagel, who'd been assistant treasury secretary under Hank Paulson, wrote a long article about the TARP bailout called 'The Financial Crisis: An Inside View.'" Thinking that maybe "it would be news if Swagel had stated that Paulson, Bernanke and Bush's attempts to foment panic to pass the bailout have 'surely' contributed to the current recession," Schwarz lays out some quotes showing that actually "he did": "The way in which the TARP was proposed and eventually enacted surely must have contributed to the lockup in […]

Mar
30
2009

Options to the Latest 'Absolutely Essential' Bank Plan

Looking back over how corporate "media abandoned any pretense of objectivity in pushing the original TARP back in the fall," when "they eagerly pushed the story that the economy would collapse if the TARP did not pass," Dean Baker (Beat the Press, 3/28/09) recalls how "media never told the public that the Fed had the ability to takeover the banks in the event of a national emergency and it had plans to do exactly this back in the early '80s debt crisis." Which makes it somewhat unsurprising that "the new line that being pushed to argue that there is no […]