As I have been saying for years, Wall Street has become a giant unregulated casino and derivative Ponzi scheme. Bill Moyer's blockbuster 30 minute interview with former bank regulator William Black reveals this fact and Black charges Treasury Secretary Geithner as well as President Obama with ' covering-up ' this truth: Allen L Roland
The first step toward meaningful change is transparency and the truth. Bill Moyers has taken a giant step in that direction with his blockbuster 30 minute interview with former senior bank regulator William Black ~ who was instrumental in uncovering the savings and loan crisis of the 1980s. ( Remember, John McCain and the Keating five )
In this riveting interview, Black pulls no punches in saying that it was more than greed, incompetence and stupidity that brought down America's financial system ~ it was outright fraud !
Black alleges that American banks and credit agencies conspired to create a system in which so-called "liars loans" could receive AAA ratings and zero oversight, amounting to a massive "fraud" at the epicenter of the United States financial system.
This is precisely what I wrote on March 23rd THE TAKEOVER OF AMERICA / REPUBLIC BECOMES OLIGARCHY Once again, a Republic is a government limited by laws but when laws and regulations break down, as they most certainly have over the past eight years, what emerges is an Oligarchy ~ the tyranny of the elite and self-appointed financial masters of the universe. http://blogs.salon.com/0002255/2009/03/23.html
Black compares the entire US financial system to a giant "ponzi scheme" and charges Treasury Secretary Timothy Geithner, like Secretary Henry Paulson before him, of "covering up" the truth ~ which, of course, implicates President Obama who appointed Geithner.
"Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong?" asked Moyers during the interview.
"Absolutely, because they are scared to death," Black said. "All right? They're scared to death of a collapse. They're afraid that if they admit the truth, that many of the large banks are insolvent. They think Americans are a bunch of cowards, and that we'll run screaming to the exits. . . "
Ultimately, said Black, the financial downfall of the United States in the wake of the Bush years is due to "the most elite institutions in America engaging in or facilitating fraud."
Here is Bill Moyers must watch 30 minute interview with William Black and even more evidence that our Republic has become an Oligarchy ~ controlled by the financial elite. Click on ~ http://www.pbs.org/moyers/journal/04032009/watch.html
