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Former TARP Inspector General Neil Barofsky on the future of the financial system after the 2012 election.
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And you know it to stick with the economic.
Issues for the time being here.
On -- this is what show -- this a little clip and then but he saw this last night.
Neil Cavuto interviewing John McCain kind of interesting if you thought it was only the Democrats who have their questions about.
The big banks on Wall Street think again after watching McCain on the -- bank bailout effects of the TARP program.
Black about the small businessman what about the community bank the ones that really do the lending.
They didn't get the money he -- -- Goldman Sachs and.
Probably your calories -- -- guys and it and it really is she harmful and that's what gives rise to the cynicism and anger that you see.
And it gives us a perfectly into our next guest -- porosity the former TARP inspector general and author of the book.
Bail out is back with us from.
That's endorsed bail out with those comments when I was watching them.
I'll let you read the book because that that's he's certainly right it is kind of interest thing -- to come from the Republican side of the I'll.
Those types of comments because on the democratic side you hear the rhetoric.
But your point would be in and and if people that -- read the book they would realize is that that the you don't get the bark -- go -- long you don't get it from President Obama the action to back up the works.
Now both parties and their administration of of the bank bailout.
Has been to defer and two in power and to save and protect.
The largest financial institutions the big banks on Wall Street right -- and did precious little to fulfill their promises.
Two main street to small businesses getting that TARP money not just -- To fill in holes for the big banks because of the bad bets they made but to get that money back into the economy helped start growing this economy.
And help struggling homeowners all those things that TARP was supposed to do that John McCain.
When he voted for TARP what was hoping that it would -- was promised it would do and those promises went on broken and they were.
First broken by the bush administration and then they were broken pretty spectacularly by the Obama ministry of one of the the things that I think is unique about your perspective on this I don't hear from a lot of other people as we have plenty of -- have come on for the last.
After four years that have -- the bailout program that is today we should never gone down this road and and -- was a mistake from day one and we about a guest of c'mon defended it.
But you're basically -- boat sink its heart was and it was necessary it just wasn't and implemented properly which is kinda unique and a lot of ways who represents your view of politics if it was closest to that I'm not release -- -- another.
Syria is not that many you know what you see actually people who who who sort of recognize.
That.
You know we we've had to do something in the country is going off in bits and you know the question is whether -- with the necessary thing.
-- something else and banks are too big to -- That is an unfortunate reality of our economic system and still lives right -- they get a -- gonna have to bail them out again because anyone could bring down the entire financial system.
But what we bailed them out last time and in unfortunately we don't do something we bail them out again.
What we did was just deserve -- really broken status -- we need the big banks even bigger than before I guess that's my point if nobody's represented as interest politically if nobody's running for president and maybe I don't know if it's Elizabeth Warren running for -- if you would if you would say that maybe she's the closest store.
But but that's on that would only be one person if -- representing those interest where's the change come from.
I think there is on on both the right and the left members of -- people running for congress.
People running for senate who are advocating a break up the banks mentality.
On and it's not just a Democrat -- -- of Elizabeth Warren certainly is running on that platform right and I support that platform greatly but I hear that also from Tea Party members and in congress because.
It's not a left right -- I'm Democrat Republican.
-- it sounds kind of cheesy but it it's it's an American position -- know we're subsidizing these banks and what I saw when I talk about in the book is just how much those interest of Wall Street.
Are pulling the levers of power and Washington.
And we need to do something about it on Q and it's sandy Weill and so my guess is John McCain that's what wanted to play that clip of about interest to but -- it's good to see you again.
And continued success with the with Bala thanks a lot.
