Bill Moyers: Were those two goals accomplished — to jumpstart bank lending, and to protect homeowners from foreclosure?

Neil Barofsky: Sadly, no. https://billmoyers.com/story/here-we-go-again/

"the decision was made quite frankly to let them rot. What was rolled out was an ineffective program that in many cases made it worse for some of those struggling homeowners than if they had never entered the program at all. Because it encouraged predatory practices by the banks"

"The concern was never really about helping homeowners or helping small businesses. It was only about saving the banks for the sake of saving the banks." - SIGTARP's Newil Barofsky #TARP cc @neelkashkari

Bill Moyers: Doesn’t this new bailout, include a provision which allows the Fed to meet in secret with no records kept? I mean what the hell is that about?

Neil Barofsky: It’s not encouraging, Bill. It is not encouraging. To put it mildly.

cc @neelkashkari

Bill Moyers: Are the people who won the first time gonna win the second time?

Neil Barofsky: The big financial institutions who were obviously the biggest winners of the last bailout, they’re gonna win again. They always win. That’s kinda the way our system is organized.

Moyers: The new law gives the Treasury Department broad discretion over how to disperse these billions upon billions of dollars & the fellow running Treasury, Steven Mnuchin, has been implicated in so many scandals. I wouldn’t want him in the same room with my kid’s piggy bank.