Bill Moyers interview William K. Black on America's Economic Fraud Issue

Looks like We are in a designed system that rewards "Crooks" and punish the poor and innocent. How's that for the new American Financial bail ideology.

Financial analyst, Sean Olender, says it’s time to stop bailouts and start prosecuting because the system is infected with fraud on every level: ‘Bailout Psychology’ Destroying the Economy http://seekingalpha.com/article/129829-bailout-psychology-destroying-the-economy

“President Obama must stop the bailouts and start the prosecutions. It’s time to focus on anti-poverty programs to protect the growing unemployed from hunger and homelessness. Stealth payments to billionaire bondholders must cease immediately.”

After jumping up and down about fraud and crime being deeply involved in the crisis for two years, others seem to be jumping on issue.

PERCEPTIONS vs. REALITY
WHY ARE WE STILL IN DENIAL
FRAUD, FRAUD, FRAUD
http://www.newsdissector.com/blog/2009/04/08/why-are-americans-buying-the-good-n...

RESIST OR BECOME SERFS

By Chris Hedges

“You are going to see the biggest waste, fraud and abuse in American history,” Nader warned when I asked about the bailouts. “Not only is it wrongly directed, not only does it deal with the perpetrators instead of the people who were victimized, but they don’t have a delivery system of any honesty and efficiency. The Justice Department is overwhelmed. It doesn’t have a tenth of the prosecutors, the investigators, the auditors, the attorneys needed to deal with the previous corporate crime wave before the bailout started last September. It is especially unable to deal with the rapacious ravaging of this new money by these corporate recipients. You can see it already. The corporations haven’t lent it. They have used some of it for acquisitions or to preserve their bonuses or their dividends. As long as they know they are not going to jail, and they don’t see many newspaper reports about their colleagues going to jail, they don’t care. It is total impunity. If they quit, they quit with a golden parachute. Even [General Motors CEO Rick] Wagoner is taking away $21 million.”

America is devolving into a third-world nation. And if we do not immediately halt our elite’s rapacious looting of the public treasury we will be left with trillions in debts, which can never be repaid, and widespread human misery which we will be helpless to ameliorate. Our anemic democracy will be replaced with a robust national police state. The elite will withdraw into heavily guarded gated communities where they will have access to security, goods and services that cannot be afforded by the rest of us. Tens of millions of people, brutally controlled, will live in perpetual poverty. This is the inevitable result of unchecked corporate capitalism. The stimulus and bailout plans are not about saving us. They are about saving them. We can resist, which means street protests, disruptions of the system and demonstrations, or become serfs. http://www.truthdig.com/report/item/20090406_resist_or_become_serfs/

THIRD WORLD AMERICA !
http://current.com/items/89833556/third_world_america.htm

"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group," : Franklin D. Roosevelt

Moyers Journal: Maddoff Was A Piker -- America's Big Banks Are a Far Larger Fraudulent Ponzi Scheme
http://www.alternet.org/workplace/135161/moyers_journal:_maddoff_was_a_piker_--_...'s_big_banks_are_a_far_larger_fraudulent_ponzi_scheme/

Financial Industry Paid Millions to Obama Aide
http://www.nytimes.com/2009/04/04/us/politics/04disclose.html?_r=2&hp

Administration Seeks an Out On Bailout Rules for Firms
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/03/AR2009040303910....

Obama Bank Policy Signals $1 Trillion in Writedowns
http://www.bloomberg.com/apps/news?pid=20601087&sid=aylbeokVZaWo&refer=h...

• More Outrageous Bonuses - This time at Fannie Mae and Freddie Mac

“A disclosure from Federal Housing Financy Agency director James Lockhart over bonuses set to be paid at twin mortgage finance giants Fannie Mae (FNM: 0.6963 -3.29%) and Freddie Mac (FRE: 0.7316 -2.45%) may be set to become the next center of investor ire over a widening government bailout, with the Wall Street Journal reporting Friday morning that the GSEs will pay $210 million in retention bonuses to employees.”

BTW

The second segment of that same show with Amy Goodman & Glenn Greenwald explains the why & how to keep the American public but a small increment above your average village idiot while they are being taken to the cleaners...
http://www.pbs.org/moyers/journal/04032009/profile2.html

"A cynical, mercenary, demagogic press will produce in time a people as base as itself" - Joseph Pulitzer

"How to get people to vote against their interests and to really think against their interests is very clever. It's the cleverest ruling class that I have ever come across in history. It's been 200 years at it. It's superb." - Gore Vidal

There is considerable debate as to whether or not Mr Black's statements apply to the banks relevant to the current economic crisis. These largest banks are holding companies under the jurisdiction of the Fed. The laws to which Black is referring reference essentially regular banks.

I'm still looking for definitive answers regarding this issue. Moyers is normally a highly credible source. Perhaps this is why Kucinich is calling for the Fed to come under regulation.

Amazing interview indeed, add William K. Black to the short list of specialists shooting from the hip with a bullet straight to the hearth of the matter.

America is on a moral notice indeed !

WHERE'S THE SHERIFF ?

Spitzer tried to warns us & DO something about it ...

Was Eliot Spitzer Taken Out Because He Was Going to Bust AIG?
http://current.com/items/89901630/was_eliot_spitzer_taken_out_because_he_was_goi...

"It is easier to find a score of men wise enough to discover the truth than to find one intrepid enough, in the face of opposition to stand up for it:" - A. A. Hodge

THE SCAM HAS BEEN EXPOSED !

A.I.G. Paid Fellow Wall Street Casino High Rollers With U.S. Bailout Funds
http://current.com/items/89907177/a_i_g_paid_fellow_wall_street_casino_high_roll...

So we won't listen to Stiglitz,
http://www.salon.com/news/feature/2009/04/03/stiglitz/
Krugman,
http://krugmanonline.com/
Kucinich,
http://current.com/items/89941612/dennis_kucinich_put_the_fed_under_gov_t_contro...
Nader
http://www.nader.org/
Klein,
http://www.naomiklein.org/main
& a few others that pinched in to no avail ;)
http://en.wordpress.com/tag/economists-against-the-bailout/

William K. Black nailed in why !!!!

AMERICA CAN'T PRETEND IT HASN'T BEEN WARNED NOW !

Executive Resume

THEY PRIVATIZE THE PROFITS & SOCIALIZE THE COST

"The trouble with most folks isn't so much their ignorance, as knowing so many things that ain't so." : Josh Billings - [Henry Wheeler Shaw] (1818-1885) American humorist and lecturer

This great and powerful force-the accumulated wealth of the United States-has taken over all the functions of Government, Congress, the issue of money, and banking and the army and navy in order to have a band of mercenaries to do their bidding and protect their stolen property. Senator Richard Pettigrew - Triumphant Plutocracy - Published, January 1, 1922.