Sunday, November 22, 2009

Bailout blues

Was the bailout of Wall St. (AIG etc) not likely to result in direct and excessive benefits to a few (Goldman Sachs for example) and in uncertain benefit to the economy as a whole? That has certainly been the general sentiment of skepticism expressed by the "American public" since the beginning. This report in the New York Times about Neil M. Barofsky, special inspector general for the Troubled Asset Relief Program, validates this belief. Barofsky states of his inspector general work that “we’ve done a good job of instilling a greater degree of skepticism that what comes from Wall Street isn’t necessarily the holy grail.” Unfortunately this skepticism has been developed by fiscal policy makers only after the fact, after the bailout.
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