Tuesday, March 30, 2010

Bill Black: To Rob a Country, Own a Bank (video)

Voltron says: If you don't know who Bill Black is, check out my previous post.

Key Points:
  • There are probably at least half a million cases of mortgage fraud a year
  • 80% of the fraud is committed by the mortgage companies
  • "There are so many shoes yet to drop it is going to be like being in Imelda Marcos' closet during an earthquake"
  • The US has descended into crony capitalism like Indonesia under Suharto
  • The proposed financial regulations won't work
  • There are 1/6th as many FBI investigators as during the S&L crisis when today's problems may be 30 times larger
  • "The next big one will be even worse"
Video here: http://www.newdeal20.org/2010/03/30/bill-black-not-dead-yet-9279/

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