Neil Barofsky Warns of Coming Financial Crisis; Calls for New Reforms
In an interview conducted by Bill Moyers October 26, 2012, Former Special Inspector General for TARP, Neil Barofsky, talks about the need for new reforms in banking regulation and oversight and warns that the financial system is headed for another crisis. Transcript: BILL MOYERS: And now for another reality check -- a far cry from the humbug and rhetorical static afflicting our election campaigns. Let’s talk about something President Obama and Governor Romney barely mentioned in their debates: banking reform. It’s four years since the economic meltdown knocked America and the world to our knees, four years since that massive taxpayer bailout. But if you listened to the candidates, the enormity and severity of this continuing crisis hardly merit notice. Barack Obama pledges change but touts Dodd-Frank, a bulky, watered-down version of financial reform that scarcely makes a ripple in the vast sea of corruption and abuse. Mitt Romney campaigns as the banker’s pal and says he’ll mak...