Friday, November 6, 2009

US financial shenanigans

People scream when I get too political on this blog (too much US politics). But I have to promote this video.

Elizabeth Warren is like your aunt Edith who doesn't care if you believe her or not. She is earnest and knows what she knows. You can listen to her or not. She has also been recently appointed as the chair of the Congressional Oversight Panel created to oversee the U.S. banking bailout.

Here she is explaining the most recent report from the Congressional Oversight Panel. (Stay with me!) The report is: Guarantees and Contingent Payments in TARP and Related Programs.

An exerpt: “The impact of the guarantees that have been offered over the past year really can’t be overstated. The magnitude of the intervention in the market has rewritten the basic rules of our financial system. By putting taxpayer money on the line to cover a private company’s bad decisions, Treasury has crossed a threshold that has left us in unknown territory.”

Trust me. It's worth your time. Get schooled.

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