Pt. 3 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.”
The fraud has been covered up mainly by using accounting scams and tricks to pretend it doesn’t exist. Japan tried this. The result was their “Lost Decade.” Our current scams were done by forcing bogus accounting standards on the accounting industry.
We have 1/6 the number of FBI agents and resources on our current “epidemic of fraud” as we did in the S&L crisis of the 80’s, and this crisis is 30 times larger. Obama could simply order more agents be hired and put on the investigation. Instead, he’s done the opposite. This is quite deliberate. That’s Black’s primary point. None of this is accidental. They know precisely what they are doing.
We are doing nothing about accountability, nothing to stop future crises. There are “so many shoes to fall from this crisis, it will be like Imelda Marcos’ closet after an earthquake.”
Some current bills actually want to put consumer protection under the Fed. This is “malicious” and “nasty”
The fix is in. We the people need to change things. Now.