Good Afternoon Folks
Today is all about Bill Black. I highly recommend that everyone takes a half hour out of their day to watch the videos below. They feature William K. Black who was one of the lead regulators that helped clean up the S&L crisis back in the late '80's.
I have often asked "where are the cops?" as we try and clean up this mess. Bill asks the same questions and does the best job I have ever seen exposing the fraud that occured on Wall St. Bill also explains that this disaster is as much a "moral crisis" as it is a "financial crisis".
Our financial system is fundamentally based on trust and confidence. We will not see this crisis solved until both of these are restored. IMO the masterminds behind this fraud at the major banks must be exposed and removed from their positions before we can begin the healing process.
Bill does an incredible job explaining exactly what happened:
Part 1
Part 2
Part 3
6 comments:
A great read here on why the bailouts need to stop.
Check it out!
"The administration and the banks keep talking about a credit crisis, but there isn't one. Banks are lending. If you want a mortgage and can afford to pay it back, you can borrow at low rates today. You can finance a car at low rates for seven years. But most Americans don't want more debt because it is a debilitating path to poverty. The average American family already pays 14 percent of annual income in interest to banks.
To fix this fake crisis, there are fake discussions about what the government must do. The endlessly recycled plan to buy "troubled" assets isn't to get banks lending again, because they haven't stopped lending. The plan seeks for taxpayers to buy worthless assets at high prices to absorb rich investors' losses. That's it. It keeps coming back as a different plan, but with that same goal. There is no goal beyond that one goal: keep rich people from taking losses."
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/04/INR316Q4F5.DTL
What's the point. This stuff is so obvious yet no one seems to care. How about the AIG news from last week from IRA that claims the entire CDS thing was a scam? They just stole $180 million from us with no authority.
No one cares. Not a peep from the main stream media? Fox news and blogs are not enough to inform the citizens of the country when they are being constantly bombarded by propaganda from every other outlet.
The citizens of this country have been systemically robbed by a mob organization and we are too busy watching American Idol and fighting partisan politics to care.
Peter
That pretty much sums it up but I am going to keep blogging about it.
I still believe that the people will eventually turn off American Idol and demand that Congress address this fraud as things continue to detiorate.
I am starting to see the MSM come around on the AIG scam.
Hopefully we can put a stop to all of this before our economy spirals out of control.
Jeff,
another truly great post. Bill Black obviously knows what he is talking about. A very gifted and intelligent speaker aswell.
BTW, I just looked up his statement on the FBI fraud warning in 2004. Those facts are no secrets and quite easy to find...scary:
http://www.cnn.com/2004/LAW/09/17/mortgage.fraud/
mat
Mat
Thanks. I thought bill was awesome. No post tonight at opening day here watching the orioles be back tomorrow!
post up aroun 6:30
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