Gone up five times faster than ours. There is something wrong inside the american political and economic system. That is what this book is about. Hendricks mitt is the author. Thank you for being an book tv. And now bailout, an inside account of how washington abandoned mainstream while rescuing longstreet. He argues that the 700 billion troubled Asset Relief Program or t. A. R. P. Program was mishandled. About 40 minutes. Joining as now his kneele brodsky, a former Inspector General for tart t. A. R. P. You saw him earlier on a panel. Heres the cover of his best seller called bailout. How did you become the Inspector General . It is kind of a strange thing, especially for me. I was a federal prosecutor up in the Southern District of new york. I spent the years leading into the financial crisis during securities fraud cases and earlier in 2008i started the mortgage fraud group that was targeting, you know, those types of cases that really helped lead to the financial crisis, major frau
About our economic crisis and argue that it can be traced back to the 1970s when our Economic System shifted from benefiting a vast majority of americans to one which mostly benefits only the very rich. This is about an hourandahalf. [applause] good to see you will hear. Lets cut quickly to the chase. What is it and the dna of capitalism that makes this so unstable . Since the beginning of economics as a discipline back in the days of adam smith and David Mccarty who were the first to develop it as a comprehensive way of thinking about things, economist of worry about that. It has never been, except maybe in the last 30 years, the case that a significant portion of the profession, let alone the public imagine that capitalism was anything else. The reality has been from the beginning wherever capitalism has established itself, it has been stunningly unstable. It is all the time facing three to seven years of economic downturn. Give you an example. The last time we had a major collapse o
Rear rear end, with that, youll back the balance of my time to the chair. Thank you. Thank you, alex. Thank you for that explanation. What i want to talk about is europe. I would like to say that theres a great sense of complacency about the european prospects amongst the european policymakers and in fact, at this weekends meeting it was part of this meeting that was dominated with very little mention about the problems in europe. I want to do is indicate the remarks as to why i dont share that complacency. This is a liquidity event is being provided by printing and together with the Transaction Program of the ecb but the market has been part of, it is really made people focused on what i think our economic and important fundamentals and i think it is processed as this goes on. I have set previous seminars is there is a fundamental reason i dont think your can work in the end because basically the economics dont make much sense. The idea is that there are two kinds of issues that they
Rejected. So my colleagues and i have been working with a wide variety of stakeholders, including many of you, to simplify things moving forward. Case in point is the qualified Residential Mortgage rule. As all of you know in august, six federal agencies including hud proposed a revised version of qrm to make it equal, qm. This is a direct result of the feedback weve received since the first proposal in 2011. You told us it needed to be refinded, and we listened. Refined, and we listened. Now our rule now some of our critics have called this a dilution of our rule. But as you know, qm itself is a very strong measure, as im sure director cordray will confirm later in the conference. And were confident that this will find the right balance between responsibility and opportunity moving forward. Another example of proper coordination is huds qualified mortgage rule which builds off the qualified mortgage definition set forth in cfpbs final rule. It extends the cfpb patch defining loans tha