William Black "This Economic Disaster"

Readers may know that William Black, who teaches economics and law at the University of Missouri, Kansas City, has been a vociferous critic of US policy on the financial crisis. In this lecture, he not only revisits one of his favorite topics, fraud, but also examines a wealth transfer from the middle classes to the banksters.

Thanks to reader John M.

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  1. Windiepink

    I appreciate your esteemed colleges of thoughts, views, and understanding.

    But my dear friends, i hate to be the one to have to lift the veil, the Financial Industry is a Fashion Industry. Nothing more. If you are slow to figure this out, well i just jumped started you out of the box.

    I would say you best get on to putting your minds together and start working on a new monetary wealth model. Sooner rather than later, would be better. You really do not have much time left.

  2. Greg Hall

    If Obama were to show the same outrage he'd be viewed more as a populist than he is now. It may turn out that Geithner costs the dems. the mid-terms. Yet it's unlikely that Obama will be a one-termer.

  3. skippy

    Incredible, absolutely deafening silence from the raucous NC crowd in response to this post.

    How many post here just to see their name in lights, eh. Where are all the comments to validate or disprove such powerful accusations of malfeasance at the very core of our republic. Where is the back bone, you ask for in your elected officials when you have none, theirs is derived from your support or removal of such.

    Skippy…skin in the game…fuck that, try your hide…like the uninformed poor souls dying for you now as we speak, for reasons they do no understand. Pompous claptrap from the bunker, not un-like Hitlers last days.

  4. tom a taxpayer

    William Black for Attorney General or Special Prosecutor! He exposes the wide and deep scope of the rampant criminality. RAMPANT CRIMINALITY.

    Time for prosecutors to get serious. We need Shock-and-Awe prosecutions of the hundreds of criminals responsible for committing the greatest financial crimes in U.S. history. We need coast-to-coast arrests, from Countrywide to Goldman Sachs and every one in between. We need Racketeer Influenced and Corrupt Organizations Act (RICO) prosecutions and mass trials in style of the Maxiprocesso (Maxi Trial) of the Mafia in Sicily during the mid-1980s that resulted in hundreds of defendants convicted. We need RICO confiscations of the hundreds of billions in illegal "profits" from the criminal enterprises of the mortgage industry and Wall Street Mafia.

  5. Valentine Michael Smith

    Thanks for that.

    It's good to be reminded that these are CRIMES that have taken place, and are ongoing. So much confusion has been thrown into the air, and the BS continues, on and on, as if this all "just happened."

    I still recall a piece Yves posted months ago that was elegant in describing EXACTLY how people could profit magnificently from failure (as leaders who caused their companies to founder – going out of business for a profit). It was elegantly put. And it didn't make the mistake of giving "screwups" the benefit of the doubt, the way this interview does. Black seems to be saying that somehow these amazingly incompetent people mysteriously keep being put into the most powerful positions in the world, despite being incompetent — even when they get demoted, they come back! Well, if the whole thing is deliberate; profit on both sides of the boom-bust cycle — then it all simply makes a whole lot more sense.

    In my book, the least unlikely hypothesis is worth spending some time with, even if it's nasty and sounds like "conspiracy theory."

    I thank him for his insights into the fraud and criminality, and for lucidly explaining so much. I still think Greenspan has more to answer for than Black says. Those artificially low interest rated DID drive bubble after bubble, in my opinion, and pushed people to invest their money into exotic investments rather than more secure ones that were kept at his "cheap money" rates.

    But, bravo Mr. Black.

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