Economics -- New Democratic Style

[Octafish]

18. And they made us jump off the cliff so they could land on something softer than the rocks.

Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” It presents a damning indictment of the Obama administration’s execution of the TARP program generally, and of HAMP in particular.
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By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obama’s bailout plan repaired holes in the banks’ balance sheets. [font color="green"]According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would “foam the runway” for the distressed banks looking for a safe landing.[/font color] It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.

CONTINUED w VIDEO and links and more letters...

http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982

People in Detroit have foamed the runway for centuries, from volunteering to fight in the Civil War to striking for fair working conditions to busting their chops as the Arsenal of Democracy to showing the world people of all races, religions and creeds could live and work together.http://www.democraticunderground.com/?com=greatest_threads