Elizabeth Warren on the Daily Show

Discussion in 'Economy' started by sealybobo, Apr 17, 2009.

  1. sealybobo
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    sealybobo Diamond Member

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    Did anyone see this interview? OMG. She did a great job of explaining how we got in the mess we are in and whats going on behind the scenes.

    First of all, she explained how before around the time of the new deal, our economy had major ups and downs every 10 years. Good luck with your 401K in this type of economy. So the government put in regulations to solve this, and for 50 years we didn't have any major problems. Just a few recessions here and there. Then Republicans started removing regulations, and we got that S&L scandal that McCain was involved in back in the 80's. The Reagan era. And then Enron told us the books were cooked. And then this collapse.

    So if we went the GOP route, we would for sure see hard times every 10 years or so. People would get rich on the up, and people would go broke when things collapsed.

    Or, we can put the regulations back and have slow steady progress for 50 years.

    Anyways, this is the best I can explain it. Watch it yourself:

    View Guest Interviews on the Daily Show with Jon Stewart | Watch Video Clips of Celebrities, Politicians & others | Comedy central

    Oh, and when we gave the banks the first TARP money $350 billion dollars, what they didn't tell us is that we only got $60 dollars for every $100 we gave the banks. That works out to be around $80 billion we just gave away.

    Then the stock dropped on the $60, so we would be lucky if we got back half of what we gave on the first $350 billion.

    Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School, where she teaches contract law, bankruptcy, and commercial law. In the wake of the 2008-9 financial crisis, she has also become the chair of the Congressional Oversight Panel created to oversee the U.S. banking bailout, formally known as the Troubled Assets Relief Program.
     

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