Neil Barofsky’s excellent “Bailout” book has NO mention of his courageous 2010 testimony to Congress — the Fed bribed the bailed-out banks with high interest rates to lend it the money right back!

April 25, 2017 John de Nugent English, History, News 0

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……Barofsky’s “Bailout” book — why no mention of 2010 testimony to Kucinich Committee re bank loan-back to Fed?

From: John de Nugent
Sent: Tuesday, April 25, 2017 3:22 PM
To: Barofsky, Neil M. <[X@X].com>

Subject: “Bailout” book — no mention of 2010 testimony to Cucinich Committee re bank loan-back to Fed?

Dear Mr. Barofsky:

 
I have long been an admirer of yours and was transfixed by what came out at the 2010 hearing held by then Congressman Dennis Kucinich (whom I also admire) where you very courageously testified that the Fed was offering high interest rates to the bailed-out banks to lend the funds received right back to the Fed.
You testified under oath to the then chairman of the House Banking Committee, Cong. Dennis Cucinich (whose Congressional District was ELIMINATED in 2012, whereupon the popular six-term congressman lost re-election), about the real reason why the Great Recession of 2007 continues to this day, ten years later.

https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program

I bought this book by you recently from Amazon, and looked so far in vain for your description of your testimony during this specific hearing.

I note also that in the Index, Congressman Dennis Kucinich is not named, who was for decades a household name in the US, especially among progressives. Have I missed something? [….] I bought the book mainly for your account of what you said at that hearing.

[JdN: ADDING this for my readers: Under the letter”K” in the Index, “Kashkari,” “Kaufman,” and “Knight” — no “Kucinich.” (https://en.wikipedia.org/wiki/Dennis_Kucinich : “Dennis John Kucinich (/kuːˈsɪnɪtʃ/; born October 8, 1946) is an American politician. A former U.S. Representative from Ohio, serving from 1997 to 2013, he was also a candidate for the Democratic nomination for President of the United States in the 2004 and 2008 Presidential elections.[1]“]

 
You said the Fed is (in my words, basically) bribing the banks, which were bailed out in 2008-09 with $700 BILLION, by offering them a very high interest rate to lend the bank-bailout money RIGHT BACK TO THE FED.
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So the banks do not lend it out ” as promised ” to the people so the country can get out of the Great Recession.

Reason? Well, here is my “conspiracy theory,” and why should I not view this crowd as evil after reading 80% of your book, or the Matt Taibbi article on Goldman Sachs in Rolling Stone?  

In my theory, the Fed is a heartless, psychopathic plutocracy which has deliberately PROLONGED the Great Recession as long as possible ” so that MORE businesses, farms, homes and repossessed cars can get auctioned off, and so Wall Street plutocrats with tons of cash can scoop them all up for 10 cents on the dollar ” while Middle Americans continue to lose their shirt in what is now YEAR TEN of the Great Recession.

***** (added)

http://www.bbc.com/news/world-us-canada-36116166

US suicide rate surges, particularly among white people

  • 22 April 2016

Excerpt:

In 2014, more than 14,000 middle-aged white people killed themselves.

That figure is double the combined suicides total for all blacks, Hispanics, Asians, Pacific Islanders, American Indians, and Alaska Natives.

 

Here was your testimony to Congressman Kucinich, and also his own righteous outrage as you boldly revealed the truth, especially at 1:30-2:42, then 3:49-4:06 and finally 5:04-5:37.

https://www.youtube.com/watch?v=qvZRVNZ5zeY

 
When I was at Georgetown, from which I graduated with high honors and Phi Beta Kappa in 1981, I took a business course, and my professor told us how the Fed obscenely CUT the money supply during the Great Depression.
 
Same motive? To scoop up half of America at fire-sale prices?
 
To profit off misery while impoverished, despairing people commit suicide and drink themselves to death, or sell their blood, or their bodies (as women do in the small towns of my ancestral Pennsylvania) to pay the rent and the light bill?
 
Sincerely,
 
John de Nugent

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…..Barofsky to me

 

On 4/25/2017 at 3:33 PM, “Neil M. Barofsky” <[X@X].com> wrote:

Thanks for reading the book. Unfortunately, I wasn’t able to report on everything that happened during my time in Washington, and the editing process is what it is (my original manuscript was twice the length of the book). It was a while ago, but it is unfortunate if Cong Kucinich was left out, I enjoyed working with him very much.

Best,

Neil

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…..My reply to Barofsky

Dear Mr. Barofsky,

Honored to get your reply, but to be frank, really disappointed.

That was the most explosive of all the scandals surrounding TARP, that the money was lent right back to the Fed.

I live now in the Upper Midwest (Wisconsin, UP of Michigan, all areas Trump carried).

A friend of mine listens to police scanners, and one call in five is suicide-related.

And your editor left out WHY………..

Sincerely,

John de Nugent

 

…..Barofsky to me

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I always thought the abandonment of the front line victims of the financial crisis, struggling homeowners, was the biggest betrayal, and a bigger cause of the desperation that you note.

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…..My final reply to Barofsky

Dear Mr. Barofsky:

I know how Washington works; I lived there for 18 years and was in Marine Corps intelligence. One of my friends is a whistleblower, a civilian contractor in Iraq and fellow Georgetown alum, whom Obama put through hell for 2.5 years, including two months in the DC jail, to terrify the others and then let him off with a $250 fine and a misdemeanor.
I thank you for your great courage in testifying before Dennis Kucinich.
You need not reply. As I say, I understand.
JdN
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……This happened to my email service in mid-exchange with Barofsky 

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…..See also

Why we are in YEAR TEN of the GREAT RECESSION

And in the end, at the auction of all the bankrupt people, (((they))) will buy up the whole country.

As Thomas Jefferson said in 1816: “Banking establishments are more dangerous than standing armies.”

They hacked my psychopaths-in-power article — here it is again!

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