The financial crisis has crippled economies around the world, caused governments to bail out failed banking institutions, cost tax payers trillions of dollars and threatens to destroy the pensions and retirement plans for millions of people.
But what caused this financial meltdown and who is really responsible? Although governments around the globe would like you to think it's a complicated problem that was impossible to predict, the truth is actually much different. The roots of the current crisis can be traced back to the systematic removal of financial regulations over the past decade (by both Republican and Democratic administrations) and massive fraud by Wall Street aided by willing regulators. In fact, the fraud and manipulation continues to this day.
To truly understand the depth of the deceit and the total failure of the government regulators responsible for keeping our banking system safe, I urge you to spend a few moments to watch this interview with William K. Black.
Excerpt:
For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One." In fact, the man you're about to meet wrote a book with just that title. It was based upon his experience as a tough regulator during one of the darkest chapters in our financial history: the savings and loan scandal in the late 1980s.
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