Neil Barofsky joins Up w/ Chris Hayes to talk about his book "Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street" and to describe his time as the special inspector general overseeing TARP.
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Over the past decade, Americans watched in bafflement and rage as one institution after another – from Wall Street to Congress, the Catholic Church to corporate America, even Major League Baseball – imploded under the weight of corruption and incompetence. In the wake of the Fail Decade, Americans have historically low levels of trust in their institutions; the social contract between ordinary citizens and elites lies in tatters.
How did we get here? With "Twilight of the Elites," Christopher Hayes offers a radically novel answer. Since the 1960s, as the meritocracy elevated a more diverse group of men and women into power, they learned to embrace the accelerating inequality that had placed them near the very top. Their ascension heightened social distance and spawned a new American elite--one more prone to failure and corruption than any that came before it.
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Oh gods chris your making my head hurt. Pick a mortgage calculator, any mortgage calculator. A $200,000 30 year mortgage at 7% interest has a repayment of $1331 monthly. With a 25% principle reduction, (to $150,000) that drops to $998 at 7% interest. If instead you where to reduce the interest to 4%, the monthly payment for the original $200,000 becomes $955.
Premium's are not the problem, the exorbitant interest charged during the height of the financial crisis is. Direct government refinancing of the mortgages would first solve the mortgage crisis and second give the government some much needed revenue.
NO ONE is talking about the real impediment to HAMP. The majority of state courts refuse to enforce HAMP guidelines.
So, is deMarco just sitting on these properties? How are these not now categorized as public housing?
I hadn't seen Geithner's impersonation of Brando's Don Corleone before. Spot on.
Hope Chris has Neil on again.