Great interview w/ William Black fixing the bank scam (prev. on Bill Moyers)

This is the guy that worked on the S&L scam in the 90's.


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http://www.youtube.com/watch?v=Ixo9WO9UV5g

 

this is worth a bump

 

The lenders were legally able to move loans off the books to keep their debt to asset ratio in the right ballpark so they did... they lent a lot more money than they should have if Congress was doing it's job but the government wanted people to have houses regardless. How they got AAA ratings on the stuff is another story to me... that part of the story has never really come out that I know of... was there government pressure to do that??

 

There must be some government involvement. There is no back-lash on the rating agencies. Where are the investigations for fraud? Where is the media outrage? There are but a few bits of mention about the rating agencies. How can you possibly rate something AAA when it's widely known by the rating agencies that such a rating is reserved for debt that is almost 100% default free? And how exactly can a bus driver get a mortgage for an $800,000 house? The only conclusion I can come to is that this financial crisis has been engineered. I highly doubt it happened as a phenomenon.

 

If it wasn't clear -

THIS IS NOT THE BILL MOYERS INTERVIEW. THIS IS MORE IN DEPTH.

 

Here's the segment with Black's action agenda

http://www.youtube.com/watch?v=1XTa9Zc38hs

 

Wow this is really good. Sounds like someone finally has their head screwed on correctly. As far as the AAA rating, I've read articles saying that the rating agencies are basically paid by the companies they rate.

Here Michael Lewis discusses it.
http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html?pagewanted=2

 

The ratings agencies aren't "basically" paid by the companies they rate-- they are. The moral ambiguity of that is outright outrageous.

 

Get rid off Moody´s, S&P et al. Useless insitutions.

 

Someone wanted it to happen so it happened. Carter's Community Reinvestment? The Boston 'FED' can be blamed too for the direct answer to your question but I highly doubt it was a 'mistake'.See video below


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