MUST SEE Dean Baker: "The Elites Have ABSOLUTE Contempt For The Public" (VIDEO)
Nov 8, 2010 at 4:22 PM
Dr. Pitchfork in Bank Bailouts, TARP vote, Wall Street Bailout, bailout video, banks, bill isaac, dean baker, fear-mongering, good memories, tarp, wall street bailout

Stop!  Watch this.  Elevated visceral outrage from Pitchfork including transcribed quotes, plus a clip of the entire House floor debate on TARP.

Video - Dean Baker speaking at the Institute for Policy Studies, just one day after the first TARP bill was voted down - September 30, 2008

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By Dr. Pitchfork

It's common these days to hear people trying to explain their support for TARP by saying that we had to do something and that everyone else was just as panicked and scared as they were.  But the bailout was never a fait accompli.  It didn't have to happen -- certainly not the way it did.  And not everyone was fooled by Bernanke and Paulson's fear-mongering.  In fact, during the debate leading up to the passage of TARP, people like Bill Isaac and Dean Baker were there in Washington, in the halls of Congress, working their asses off behind the scenes to try to stop the bailout of Wall St.  If you cheered the day that TARP was voted down, much of the thanks for that little glimmer of hope goes to Dean Baker.

Baker throws cold water on the notion that TARP is necessary to save the world from financial armageddon.  This clip, by the way, is from September 30, 2008.  In other words, this is NOT Monday-morning quarterbacking (listen up, Gresham Barrett).  This is real-time opposition to the bailout, and it nearly worked.  Obviously, Baker called this one correctly.  It's too bad more people didn't listen.

Highlights (don't miss the last one):

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To contrast with Dean Baker's three minutes of common sense, below is the full TARP debate.  (Those with heart conditions should watch at their own risk.)

 

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