Neil Barofsky reviews TARP
September 26, 2009 3:30 PM Subscribe
Neil Barofsky, special inspector general for the Troubled Asset Relief Program, says: If the goal was to increase lending, well we haven't increased lending. ... Banks that were too big to fail are bigger than ever. ... When TARP was announced, the whole purpose was a statement that we're not going to let our large financial instiutions fail. And with that I think we may be in a far more dangerous place today than we were a year ago. (via)
(I'll repeat what I wrote in yesterdays finance thread)
As a programmer, it seems to me that the 'global finance system' is like a big stack of software entities, all interacting with each other, all written by different people and at different times, and with new patches applied often. No one can figure out the big picture of the whole system, but they have theories about parts of it. For a long time it has seemed to work and all hang together. Hackers and viruses exploit loopholes as they find them.
Then, about a year ago, we hit a blue screen of death. The illusion that the system was self-repairing was lost.
We managed to reboot in safe mode, but we're not sure when we'll hit the next big bug.
posted by memebake at 4:21 PM on September 26, 2009 [4 favorites]
As a programmer, it seems to me that the 'global finance system' is like a big stack of software entities, all interacting with each other, all written by different people and at different times, and with new patches applied often. No one can figure out the big picture of the whole system, but they have theories about parts of it. For a long time it has seemed to work and all hang together. Hackers and viruses exploit loopholes as they find them.
Then, about a year ago, we hit a blue screen of death. The illusion that the system was self-repairing was lost.
We managed to reboot in safe mode, but we're not sure when we'll hit the next big bug.
posted by memebake at 4:21 PM on September 26, 2009 [4 favorites]
but we're not sure when we'll hit the next big bug
2038
posted by netbros at 4:29 PM on September 26, 2009
2038
posted by netbros at 4:29 PM on September 26, 2009
Renault: I am shocked, SHOCKED to find that there is gambling in this establishment!
Waiter: Your winnings, m'sieur...
posted by briank at 4:59 PM on September 26, 2009 [2 favorites]
Waiter: Your winnings, m'sieur...
posted by briank at 4:59 PM on September 26, 2009 [2 favorites]
--Volcker Warns Obama Plan Leaves Opening for Bailouts
--Why haven't any Wall Street tycoons been sent to the slammer?
--Fresh bailouts for smaller banks being weighed
--Fed: audits of bailouts OK, not of monetary policy
--Sherman Calls New Proposal "TARP On Steroids"
--Goldman Sachs May Benefit From Regulation, Citi Analyst Says
--Banks Dig In for Fight Against Rules (5/31/09): The nine biggest participants in the derivatives market — including JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America — created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money.
posted by HP LaserJet P10006 at 5:06 PM on September 26, 2009 [1 favorite]
--Why haven't any Wall Street tycoons been sent to the slammer?
--Fresh bailouts for smaller banks being weighed
--Fed: audits of bailouts OK, not of monetary policy
--Sherman Calls New Proposal "TARP On Steroids"
--Goldman Sachs May Benefit From Regulation, Citi Analyst Says
--Banks Dig In for Fight Against Rules (5/31/09): The nine biggest participants in the derivatives market — including JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America — created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money.
posted by HP LaserJet P10006 at 5:06 PM on September 26, 2009 [1 favorite]
The other day I listened to two long-time commercial real estate lawyers explain why the bailout was essentially a down payment that did little or nothing to restore the durable availability of capital. Scary stuff.
posted by Inspector.Gadget at 5:10 PM on September 26, 2009 [1 favorite]
posted by Inspector.Gadget at 5:10 PM on September 26, 2009 [1 favorite]
Joe Beese, seriously, find some content that's actually worthy of the MeFi front page. You're two out of three for ridiculously thin, bullshit posts. HP LaserJet may actually make this thread worthwhile, but seriously, try harder.
posted by SeizeTheDay at 8:21 PM on September 26, 2009
posted by SeizeTheDay at 8:21 PM on September 26, 2009
I think everyone is neglecting to realize that the Ancient Maya warned us precisely when this crisis would come to a head.
Worrying about the Global Financial Meltdown is less troublesome when you know Tibetan monasteries are going to be under the ocean in a little over two years.
I for one...well, nevermind.
posted by jefficator at 10:04 PM on September 26, 2009
Worrying about the Global Financial Meltdown is less troublesome when you know Tibetan monasteries are going to be under the ocean in a little over two years.
I for one...well, nevermind.
posted by jefficator at 10:04 PM on September 26, 2009
Well, great.
*totally fucking bails*
I love you, America. I really do.
posted by BitterOldPunk at 12:12 AM on September 27, 2009
*totally fucking bails*
I love you, America. I really do.
posted by BitterOldPunk at 12:12 AM on September 27, 2009
Joe Beese, seriously, find some content that's actually worthy of the MeFi front page. You're two out of three for ridiculously thin, bullshit posts. HP LaserJet may actually make this thread worthwhile, but seriously, try harder.
Just flag it and move on.
posted by Talez at 1:26 AM on September 27, 2009
Just flag it and move on.
posted by Talez at 1:26 AM on September 27, 2009
The only way we can be in a far worse place is if the banks used the past year to acquire nuclear weapons.
Otherwise, we're exactly where we started. If it goes bust, who cares if we spent a trillion to bail out banks. I'll pay that back with a day's wages at McDonalds
posted by Kid Charlemagne at 2:45 AM on September 27, 2009 [1 favorite]
Otherwise, we're exactly where we started. If it goes bust, who cares if we spent a trillion to bail out banks. I'll pay that back with a day's wages at McDonalds
posted by Kid Charlemagne at 2:45 AM on September 27, 2009 [1 favorite]
here's summore...
-Why the vanilla option is necessary*
-Ezra Klein Interview with Barney Frank
-Why Concentration in the Banking Industry Threatens Our Economy
-Name Your Poison
-Visualizing The Upcoming Treasury Funding Crisis
-Julian Robertson on Debt, Sudden Stops, etc.
---
*lemme second the return of SRW :P like if you read just one of these links make it this one!
posted by kliuless at 5:20 AM on September 27, 2009
-Why the vanilla option is necessary*
-Ezra Klein Interview with Barney Frank
-Why Concentration in the Banking Industry Threatens Our Economy
-Name Your Poison
-Visualizing The Upcoming Treasury Funding Crisis
-Julian Robertson on Debt, Sudden Stops, etc.
---
*lemme second the return of SRW :P like if you read just one of these links make it this one!
posted by kliuless at 5:20 AM on September 27, 2009
Is the vanilla option the one where we boil bankers alive in vanilla bean extract?
posted by delmoi at 2:46 PM on September 27, 2009
posted by delmoi at 2:46 PM on September 27, 2009
« Older Black Box | "Good seltzer should hurt. It's the truth." Newer »
This thread has been archived and is closed to new comments
posted by delmoi at 3:54 PM on September 26, 2009 [4 favorites]