Fraud and the Financial Meltdown

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A few days ago a reader asked me what I thought of Bill Black. Answer: he’s a pretty fascinating guy. I met him at a conference last year, and probably the best time I had was the hour I spent sitting next to him and Dean Baker one night at dinner as they regaled each other with stories about financial fraud and the S&L crisis of the 80s. (Black was a bank regulator at the time.) As it happens, I don’t think fraud is the be-all-and-end-all of the 2008 meltdown, but it was a significant piece of it and it doesn’t get as much attention as it should.

Black isn’t in the news much, which means I don’t get a chance to link to him much. But TRNN recently did an interview with him, so this is my chance. And yours. Watch the video and hear him toss out Taibbi bait like this about the finance industry: “Think of it as a giant engorged leech on Main Street.” Or listen to him explain that “We now have sociopaths in control of our major financial institutions.” Booya! Part 2 of the interview is here.
 

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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