'Finance's Five Fatal Flaws' ~ William K. Black

Discussion in 'Economics' started by Wallace, Oct 16, 2009.

  1. 'How the Servant Became a Predator: Finance's Five Fatal Flaws' ~ William K. Black

    1. The financial sector harms the real economy.
    2. The financial sector produces recurrent, intensifying economic crises here and abroad.
    3. The financial sector's predation is so extraordinary that it now drives the upper one
    percent of our nation's income distribution and has driven much of the increase in our
    grotesque income inequality.
    4. The financial sector's predation and its leading role in committing and aiding and
    abetting accounting control fraud combine to:
    5. The CEOs of the largest financial firms are so powerful that they pose a critical risk
    to the financial sector, the real economy, and our democracy.
  2. thank you for posting this i will have a look at the link.
  3. maxpi


    Huffington.... I'd not take it all that serious, pretty much on the same level as Rolling Stone magazine maybe..
  4. jem


    yes but its not the conduit its the message.
  5. it raises good arguments. also if you like it you can look up the writer and have a look at their other work so you get a related source.
  6. So far I agree with all his points.
  7. "William Kurt Black (born 6 September 1951) is an American lawyer, academic, author and
    a former bank regulator. Black's expertise is in white-collar crime, public finance, regulation,
    and other topics in law and economics. He developed the concept of "control fraud", in which
    a business or national executive uses the entity he or she controls as a "weapon" to commit
    fraud. Black is currently an Associate Professor of Economics and Law at the University of
    Missouri-Kansas City School of Law.
    "On April 3, 2009 Black appeared on "Bill Moyers Journal" on PBS and provided critical
    commentary on the U.S. banking crisis.In the interview with Bill Moyers Black asserted
    that the banking crisis in the United States that started in late 2008 is essentially a big
    Ponzi scheme; that the "liar loans" and other financial tricks were essentially illegal frauds;
    and that the triple-A ratings given to these loans was part of a criminal cover-up."
  8. Nattdog


    What is wrong with finance is so fundamental that the leftists completely miss it. His critique is trivial.
  9. Good points, meanwhile back at the ranch the financial elites gave the new President a toy (health insurance) and told him to go play in the corner.

    Obama is out of his league when it comes to finance. (Hmnn, I don't even know what league he's in, constitutional law?)
  10. those 5 points are very accurate. You should change the tittle.
    #10     Oct 20, 2009