Andy Kroll

Andy Kroll

Senior Reporter

Andy Kroll is Mother Jones' Dark Money reporter. He is based in the DC bureau. His work has also appeared at the Wall Street Journal, the Detroit News, the Guardian, the American Prospect, and TomDispatch.com, where he's an associate editor. Email him at akroll (at) motherjones (dot) com. He tweets at @AndrewKroll.

Get my RSS |

Advertise on MotherJones.com

TARP: The Pyrrhic Bailout?

| Wed Oct. 21, 2009 3:42 PM EDT

In his office's most recent quarterly report, Neil Barofsky, the Special Inspector General for TARP, reminds readers of the overall bailout funding at risk in the Treasury's TARP rescue so far—as much as $2.9 trillion, a staggering, unimaginable sum. But the SIGTARP's report doesn't dwell entirely on dollars and cents. Instead, Barofsky focuses on TARP's cost to the federal government's credibility in the eyes of the wary public.

The report, in assessing TARP's effectiveness, begins by saying what most of us already figured—that the bailout went a long way toward stabilizing the economy. It propped up financial institutions that, for good or ill, were integral to the financial markets, and brought "the system back from the brink of collapse." But beyond the financial markets, the report continues, many of TARP's programs have sputtered, including its homeowner relief initiatives (read: the HAMP program), and its effort to remove the threat of ticking-time-bomb toxic assets from the books of financial institutions. In short, TARP has largely succeeded in its chief aim—to avert complete financial meltdown—but struggled elsewhere.

But how pyrrhic was that victory? For one, as the SIGTARP report points out, Wall Street is already reverting back to the over-leveraged, risky, even reckless behaviors that helped bring on the crisis—and the government is egging them on. "The firms that were 'too big to fail' last October are in many cases bigger still, many as a result of Government-supported and -sponsored mergers and acquisitions," the report states. "Absent meaningful regulatory reform, TARP runs the risk of merely re-animating markets that had collapsed under the weight of reckless behavior."

VIDEO: There's No Recovery Here

| Tue Oct. 20, 2009 4:26 PM EDT

Big Finance may be breathing a sigh of relief these days, but what about the rest of the country? With foreclosures at a record high and the national unemployment rate at 9.8 percent, I went to talk with some of the people still waiting for their recovery, their bailout, at a massive homeowner relief event in the San Francisco Bay Area. Organized by the Neighborhood Assistance Corporation of America, the "Save the Dream" tour offers many people a last-gasp hope at saving their homes—and for many, their American Dream.

Watch the video below to meet them and hear their stories.

The Forgotten Half of Healthcare Reform

| Tue Oct. 13, 2009 7:03 AM EDT

With the Senate Finance Committee set to vote today on its long-awaited health-care bill, a number of medical experts have criticized the legislation, as well as other committees' bills, for failing to seriously address the country's health delivery system. As I recently wrote, the pitched debate over reforming healthcare has largely focused on the sexier issue of reforming insurance, i.e., creating a public option, co-ops, fine-tuning the system in place, etc. Meanwhile, our broken delivery system—in which costs soar higher, preventive care is marginalized, and doctors get paid on fee-for-service basis—continues to crumble.

Over the past couple days, doctors and policy experts have come out to urge lawmakers to tackle delivery problems before it's too late. "The discussion has gone from health care reform to insurance and payment reform," Toby Cosgrove, president and CEO of the Cleveland Clinic, recently told a reporter for The New York Times's "Prescriptions" blog. Cosgrove added, "We're not really reforming the system. We are reforming how we pay for it. It's certainly all about politics right now." In addition, four former US surgeons general released a statement on Saturday saying our "unsustainable" health-care system is in need of "reform that prioritizes prevention, preventive care and health literacy to encourage healthier lifestyles and we must also lower costs in order to make quality health care affordable for every single person who needs it."

Tue Jun. 24, 2014 3:22 PM EDT
Thu Apr. 24, 2014 6:06 AM EDT
Mon Jan. 13, 2014 1:19 PM EST
Mon Dec. 16, 2013 10:47 AM EST