For those of you, like me, who don't know who William K. Black is, he was a regulator during the 1980's S & L crisis (or scandal), and has just written a book "The Best Way to Rob a Bank is to Own One."
He is observant and sharp in his criticism of the Financial Industry. He calls it for what it was: A massive fraud perpetrated by the heads of the banks and investment houses on America. And he wants congress and America to get outraged and get them out.
If for some reason you still think that people who took the loans are to blame (either wholly or partially), you really need to read this interview.
My favorite exchange (emphasis mine):
BILL MOYERS: This wound that you say has been inflicted on American life. The loss of worker's income. And security and pensions and future happened, because of the misconduct of a relatively few, very well-heeled people, in very well-decorated corporate suites, right?
WILLIAM K. BLACK: Right.
BILL MOYERS: It was relatively a handful of people.
WILLIAM K. BLACK: And their ideologies, which swept away regulation. So, in the example, regulation means that cheaters don't prosper. So, instead of being bad for capitalism, it's what saves capitalism. "Honest purveyors prosper" is what we want. And you need regulation and law enforcement to be able to do this. The tragedy of this crisis is it didn't need to happen at all.
Read the whole thing. It's worth it. Then let's figure out together how to get the wheels of justice turning. Maybe Elizabeth Warren will get madder and help us out.
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