Wednesday, August 12, 2009

(Please Read About) This Economic Disaster by William K. Black

If you don't want to read this essay or watch the accompanying video (please click on the title link), I understand. (This is the very smart guy who was featured on Bill Moyers' Journal several weeks ago.) After all, it's summer/August! And no one needs any more bad news. So, wait until September cools off to find out why you should be really livid about the mess your life is now as a result of the (continuing) economic catastrophe visited on you by your betters.

I do want to venture, however, that's it's actually a relief to learn how your retirement and whatever current wealth you thought you had was so readily transferred to the truly wealthy (and for sooo long a time), and why investment advisers like Warren Buffett (and those on CNBC) tell you it will all be better soon. (Emphasis marks added - Ed.)

This Economic Disaster Video - Lecture By William K. Black

Posted August 11, 2009 William K. Black, the former litigation director of the Federal Home Loan Bank Board who investigated the Savings and Loan disaster of the 1980s, discusses the latest scandal in which a single bank, IndyMac, lost more money than was lost during the entire Savings and Loan crisis.

He will examine the political failure behind this economic disaster, in which not only massive fraud has taken place, but a vast transfer of wealth from the poor and middle class continues as the federal government bails out the seemingly reckless, if not the criminal. Black teaches economics and law at the University of Missouri, Kansas City and is the author of The Best Way to Rob a Bank Is to Own One. (Run Time: 1 hour, 38 minutes)

(without further comment) Suzan _________________________________

2 comments:

Michael Hart said...

Where TF does it end??

Have you seen this, today?

http://bit.ly/FpbUz

I need a drink.

Or a ticket to another planet with something on it besides greedy assholes.

Suzan said...

Nope.

But I had seen it elsewhere; in fact, I have already written about it. I read all the info available on Markopolos' efforts long ago when no one was paying him any attention.

It's why giving the money to the banksters to get them to lend was a ruse, and why the toxic assets will always be with us.

There's no market for fools there.

Only here.

Pass the bottle?

S