Gretchen Morgenson: From Outside or Inside, the Deck Looks Stacked


“The banks could manage only so many foreclosures at a time, and Treasury wanted to slow down the pace so the banks wouldn’t be overwhelmed. And this was where the new foreclosure program came in: It was just big enough to ‘foam the runway’ for them.” ~ Timothy Geithner


From Outside or Inside, the Deck Looks Stacked

“The game is rigged and the American people know that. They get it right down to their toes.”

That’s Elizabeth Warren talking, the former consumer advocate and law school professor and now a Democratic senator from Massachusetts. I interviewed her about her new memoir, “A Fighting Chance,” in which she discusses one of America’s biggest challenges: how to level the playing field so that Main Street doesn’t always come second to Wall Street.

Although the book recounts Ms. Warren’s childhood and formative years as a law professor, mother and dog lover, it also examines in considerable detail the government’s deeply inequitable response to the financial crisis of 2008.

Ms. Warren was on the scene for the aftermath of that mess, when she became the chairwoman of the Congressional Oversight Panel for the Troubled Asset Relief Program, which carried out one of the government’s major bailout deals. In her retelling, we watch as the banks that caused the crisis receive special treatment and costly rescues while troubled homeowners get little or nothing.

The Congressional Oversight Panel, she writes, “couldn’t change a system that seemed hellbent on protecting the big guys and leaving everyone else by the side of the road.” About President Obama, she writes, “The president chose his team, and when there was only so much time and so much money to go around, the president’s team chose Wall Street.”

“A Fighting Chance” is the latest in a line of books by participants in the government’s response to the financial crisis. Like “Bailout” by Neil Barofsky, former special inspector general of TARP, and “Bull by the Horns” by Sheila C. Bair, former chairwoman of the Federal Deposit Insurance Corporation, Ms. Warren’s book describes the troubling patterns and practices of high-level Washington.

More here…


8 Responses to “Gretchen Morgenson: From Outside or Inside, the Deck Looks Stacked”
  1. Mystify says:

    Dc has the answer, not marching on wash but taking it down, I do believe I will see this in my lifetime, remember Washington is Not part of the United States it is just where the banksters hang their hats!

  2. leapfrog says:

    Did anyone see this? Anyone want to bet on how SCOTUS will rule?

  3. dc says:

    Its all just a test,just checkin to see if Americans are all soft and stupid,will they let their own so-called public officials kick em around and tax em to DEATH.Or will at least some of them take a stand and in doing so possibly risk whats dear to them,or comfortable.Because anything shy of a few million men and women and whoever wants to march on washington,and we could def change many things for the better if we came together.I dont know the process for assembling those heads but if the numbers were great enough we could change anything in days maybe even hours and I believe this with all of my heart.If that doesnt work there is always violence but thats so old fashioned.

  4. Bobbi Swann says:

    The full story is herer:

    Not a subscriber so I couldn’t see the comments, if any. Ran on Sunday, April 27th

  5. Deborah Orr says:

    I’ve heard hear grilling the banks in congress and I think she’s the real deal cuz so few of the others will stand up to the elite. I googled it. The book is on amazon

  6. learning2 says:

    more here link broken

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