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abitare (99.42)

Profound Video, A Real American Hero and a National Asset: William Black Interview

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August 12, 2009 – Comments (9) | RELATED TICKERS: GS , JPM , C

A great video and a Real national hero William Black posted at goldmansach666.com website.

Disclaimer on the website.

This website has NOT been approved by Goldman Sachs. This website provides information about Goldman Sachs to demonstrate how destructive they are to our lives and the hopes and dreams of our children.

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."

- Thomas Jefferson

"When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society."

- Mike Morgan

Bull or Bear, Mr Black is a very, very rare expert and truth teller, something most Americans rarely see on TV.

This video is 1.5 hours and worth your time.

 

9 Comments – Post Your Own

#1) On August 12, 2009 at 8:22 PM, abitare (99.42) wrote:

FYI - More:

Parts 1-3 and William Black pulls no punches on Democrats and Republicans in the current Banking Crisis

http://www.youtube.com/watch?v=CQ4JXW_ErXQ
http://www.youtube.com/watch?v=WOA1RpK7ttg
http://www.youtube.com/watch?v=vMDLx_-f1L4

Summary: The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout

(update) William K. Black is now an Associate Professor of Economics and Law at the University of Missouri.



http://www.democraticunderground.com/discuss/duboard.ph...

When asked for motives for the cover up, Mr. Black suggests it's possible it's being done to cover up criminal misdeeds on the part of all involved, but it may also be done to attempt to mask the full extent of the crisis.

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#2) On August 12, 2009 at 8:38 PM, whereaminow (73.77) wrote:

Referring to Greenspan:

"his free market fundamentalism..."

So, when a central planner of the money supply creates a credit bubble by manipulating interest rates, how is he is free market fundamentalist?  The worst thing that ever happened to America was Greenspan's turn to Statism, professing free market fundamentals while centrally planning the economy.  It's as ludicrous as calling Hugo Chavez a free market fundamentalist.

As for S&L crisis, here is Tom Woods:

What actually happened was a little less cartoonish. First, so-called deregulation of the S&Ls began under Jimmy Carter, not Reagan. I say “so-called” because, as with most measures trumpeted as “deregulation,” it was nothing of the kind: all throughout the process of alleged deregulation, the S&Ls’ deposits continued to be covered under government deposit insurance. Deregulation means the removal of government involvement and control. Does this sound like the removal of government involvement and control to you? To the contrary, it gave us the worst of both worlds—though, naturally, Hartmann will blame the consequences on “deregulation” and “capitalism,” terms I doubt he could even define.

Under the government-established rules, the S&Ls could charge 6 percent on loans, and could offer depositors a mere 3 percent. Since most depositors had nowhere else to go, they had to content themselves with a miserable 3 percent return.

With the advent of the money-market mutual fund, ordinary people suddenly had the chance to earn higher returns, and began pulling their money out of S&Ls in droves.  Consequently, the S&Ls wanted permission to offer higher interest returns for depositors, so “deregulation” allowed them to do so. Had the original government requirements remained in place, the S&Ls would have gone under then and there.

A consensus began to form that in order to save the S&Ls, their government-established loan and deposit interest-rate requirements, as well as the kind of loans they could make, had to be modified in light of the impossible conditions under which these institutions were forced to operate. The S&Ls needed to be permitted to engage in riskier investments than 30-year mortgages at 6 percent. (Notice: it’s the fault of the free market when the government modifies the government-established rules of a government-established institution, while its deposits continue to be guaranteed by the government. Got it?)

Maybe the S&Ls should have gone under in 1980. Perhaps they really did have an impossible business model. There is no non-arbitrary basis for deciding one way or the other, since the S&Ls were never genuinely subject to a market test. The government husbanded and cartelized the S&Ls, and stood ready to bail them out after that.

abitare,

We normally agree. And I don't excuse Goldman Sachs.  I'm fully aware of the relationship they have with the government, and how that manifests in the bilking of taxpayers.

The problem here is that these guys, by nature, are Statists with Statist solutions.  They can't even comprehend what a free market is, as they hammer away at Greenspan for supposed "deregulation."  Re-writing your own regulations to change who benefits is not "deregulation."  Removing the regulator and the protections granted to the regulated is deregulation.

They're right to note that Goldman Sachs acted illegally. They're wrong to believe Capitalism is to blame.  They don't even know what Capitalism is.

David in Qatar 

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#3) On August 12, 2009 at 8:46 PM, dbjella (< 20) wrote:

whereaminow

Shouldn't you be in bed or wait are you just getting up?

Anyways, good to see you around. 

 

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#4) On August 12, 2009 at 9:05 PM, whereaminow (73.77) wrote:

dbjella,

LOL, working late (its 4am here). Need to be getting to bed though.  Damn blogs!

David in Qatar

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#5) On August 12, 2009 at 9:10 PM, abitare (99.42) wrote:

whereaminow,

 

No one is blaming capitialism. But I do not confuse corperatism / and facism as  capitialism.

Watch the video Mr Black is great at explaining what has happened.

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#6) On August 12, 2009 at 9:12 PM, whereaminow (73.77) wrote:

abitare,

Ok I'll give the whole thing a shot when I get home, but those first 15 minutes were making my brain bleed.   

David in Qatar

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#7) On August 12, 2009 at 10:17 PM, Tastylunch (29.93) wrote:

Abitare that was the single best commentary I've heard yet on what happened.

Thanks very much man , that was epic.Depressingly so, but My God America needs to hear this very very badly.

 No one is blaming capitialism. But I do not confuse corperatism / and facism as  capitialism.

I could not agree more. 100% aligned.

 

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#8) On August 12, 2009 at 11:11 PM, HighRisk41 (33.41) wrote:

Sad days ahead I fear..... Thanks for the video! I wonder if our new govt funded health care will cover the anti depressants Im gonna need before this is all over??

+1 to you though : ) 

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#9) On August 13, 2009 at 1:42 AM, blake303 (29.88) wrote:

That is easily the best video you have posted to date. I watched it in its entirety and can't help but notice how much he contradicts the other people featured in the videos you share, most notably Paul & Schiff (except for Black's support for auditing the Fed). I'm not criticizing, just an observation. Thanks for posting it (and not Glenn Beck).

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