28 responses

  1. JWnFL
    March 25, 2012

    Thee.. William Black, Esquire..

    Slayer of Corrupt Bankers!

    A Hero to Hero’s!

    God Love and Bless him in his fight against the Celebrated Corruption on Wall Street and thusly following the trail of Lobby Dollars to Washington DC!

    Any time you want a free dinner! it is on me! Ocean Grille Crab Cakes are second to none! (Breakers)

    Thank You for your NEVER! ENDING!! SERVICE!!!

    and stop by ZeroHedge and have them run some of your work! Tyler is Great and would be more than Happy too!

  2. Deb Schreck
    March 25, 2012

    Professor Black,

    Excellent article. I have listened to all of your interviews on the net since 2008 or so. The most recent interview on RT Capital Account was superb! You are truly the voice of reason in a cesspool of corruption that is our financial services industry. Thank you for your tireless efforts to put a stop to this madness.

  3. DrBernard
    March 25, 2012

    Prof. Black, what if it’s not “insanity” but willful destruction of the nation-state according to plan? What form today will “The night of the long knives” take, do you suppose? Now do we see how “Hitler happened” in the 1930’s? Veblen had it right. As then, so now. The Genovese couple covered it, and today ZH draws the parallel between pre-Civil War Master Class slave wealth (slave reproduction as commodity profit-center: by then the Deep South became slave manufacturers for profit) and today’s employee wealth (extraction of productivity from “employee” worked out by McKinsey).

    This is “pound of flesh” wealth by Global Extraction Capitalists writ large: The 99% are but beets and cane to be squeezed for maximum sugar extraction. When all “currency” becomes digital and traced, the 99% will have reached their commodity apogee as slave wealth, as in 1860, but with “surplus populations” exterminated, just as Himmler, Heydrich, and Hitler arranged (“Architects of Annihilation” and “HITLER’S BENEFICIARIES” by Goetz Aly). “The Mind of the Master Class” never has changed. The ZH blog made me realize how implacably, and for how long, McKinsey has positioned the Reichmeisters for victory. It made me much more pessimistic that I was just days ago.

    Prof. Black, the .o1% and their .99% Agents are impervious to light. Not that Veblen didn’t warn us, before the rise of Hitler. Guido Giacomo Preparata’s words have fallen on deaf ears. The same DNA then as now have achieved the same ends, but with deadlier technology against the 99%. Who are the *Allies* now?

    Jack London: “THE IRON HEEL.” It’s deja vu all over again. It’s global on the ground. What’s to stop them?

    • DrBernard
      March 27, 2012

      Prof. Black, this (in my caps below) should mean something especially to you:

      Dealbook’s top story e-mailed to me this AM re LAURIE FERBER (“MF Global’s general COUNSEL”) expected “to tell Congress she was UNAWARE of a gaping shortfall in customer money” … Ms. FERBER, who previously worked at DREXEL BURNHAM LAMBERT and Goldman Sachs…”

      Enuff said, Prof. Black? Only connect the dots, follow the money and the DNA through ranks to the City.

  4. Charles Hayden
    March 25, 2012

    Dear Bill Black,

    This past Saturday, Occupy Dallas reached consensus on the formation of a Bank Action Team.
    We will be drafting a petition to remove city/county funds from TBTF institutions.
    We need NEP help.
    Please send someone to Occupy Dallas.
    We are bringing the fight against TBTF to the local level.
    We need your help, assistance, and above-all guidance.

  5. Me
    March 25, 2012

    Hi Bill, I’ll meet your John 3:20 and raise you Neil 2009 (old guys rule!):


    “There’s a fork in the road ahead
    I don’t know which way I’m gonna turn
    There’s a fork in the road ahead

    I got hope
    But you can’t eat hope
    I’m not done
    Not giving up
    Not cashing in
    Too late

    There’s a bailout coming but it’s not for me
    It’s for all those creeps watching tickers on TV
    There’s a bailout coming but it’s not for me

    There’s a bailout coming but it’s not for you
    There’s a bailout coming but it’s not for you
    It’s for all those creeps hiding what they do”

  6. Peter J. Pike
    March 26, 2012

    I am confused by this regulatory race to the bottom. When did it become more important to allow rich people to make money, than to have sane rules in place to protect the innocent?

  7. Thomas
    March 26, 2012

    Robert J Shiller, Professor of Econimics, Yale University TV interview today was asked about MBS. He said they can be very beneficial. When asked about the problems they caused in contributing to the recession he said basically that many were done “wrong” and that there are bad people in every profession. He did not say anything about what should be done about those bad people. If there are bad people in evert profession (which there are) then why not de-regulate all professions.

    After 30 years as an investigator in a regulatory agency to say that enforcement facilitates compliance and higher standards of practice, not to mention protects the Health, Safety and Welfare of the Public seems too obvious.

    If you don,t remove ( put away) the bad people, they don,t just go away. They multiply!

    • DrBernard
      March 27, 2012

      “A few bad apples” is the cliche.

  8. marcos
    March 26, 2012

    I used to think that all that was required in politics was showing up with good ideas. Clearly, policymakers would hear the truth and enact it. When they didn’t I learned how to help elect candidates to our local legislature. Clearly, once we put folks into office, they’d hear those good ideas and enact them. Well, that’s not worked, as corporate leaders have continually outflanked populist electoral participation.

    No, coming to the table with good ideas having elected candidates will not be sufficient to contest political power against those who get to write off their political interventions from their taxes and who have just been granted freedom to open their corporate treasuries to double down on corruption.

    These are all wonderful ideas, spot on and correct. Government is like the honey badger, it is crazy, badass and doesn’t give a shit, it just takes what it wants and leaves other animals to pick up the scraps. That’s disgusting.

    No, in addition to providing a pool of good ideas, the only way we’re going to be seeing those implemented is with organized resistance that gives elected officials no other option but to do the bidding of the 99%.

  9. Terry Mock
    March 26, 2012

    State of the World Economy: The Emperor Has No Clothes!

  10. gyges
    March 27, 2012

    I don’t mean to dip my fly into your ointment, but with all your commentary (commentary I have valued for a long time) in this post, I learned very little about the JOBS Act.

    You have demonized it (and that may very well be necessary–with your credentials I tend to trust you on this) but I don’t know any more particulars than I did before I read this post. *what* part makes it less transparent? *what section* makes it more prone to fraud? *how* does it repudiate broken windows? *what part* of it “encourages the kind of fraud-friendly conduct that has always proven severely criminogenic”? For those of us who aren’t experts at reading text of legislation, some detail would be nice, and I hope some following comment will point to something I might learn such detail from.

    Again, I’m not disagreeing with your conclusion or denying your credentials–far from either. Just that for all the length of your post, I learned very little factually from it other than that you are angry.

    • DrBernard
      March 27, 2012

      gyges, click on Home, then find below: “William K. Black Comments on the JOBS Act” posted 3/21/2012.

      • gyges
        March 27, 2012

        Thank you DrBernard!

  11. Jerry
    March 27, 2012

    You’re right, Bill. It’s a lost cause. The only way to win the game is not to play. It’s time for the public to withdraw their support from these criminal enterprises, abandon the government and begin organizing themselves in the private sector. As you say, these are simply horrible business practices — and what an opportunity they create for someone with better business sense to offer a superior business model! After all, politics is nothing but an expression of business interests. The public just needs to get back to minding their own business.

    So instead of writing our congressman, maybe we should….

    Use existing consumer organizations to charter cooperative banks in every major economic center.
    Start a member-owned geonomic land trust.
    Steer capital investment into these land values and away from rentiers.
    Buy up media outlets, public utilities, transit systems, telecom companies and other natural monopolies.
    Start a virtual currency tied to a basket of commodities, loan it out productively and accept it as repayment for all associated services.
    Hire fancy accountants and lawyers to help the members dodge their taxes just like the big boys.
    Invest in the education and health care of the member-owners.
    Franchise this process and help other towns and cities get started.
    If you still have an interest in national politics at that point, maybe start a Super PAC with all the discretionary income you’ve generated.

    Seriously, though, you should stop wasting your energy on the government. There is no way it will ever be able to compete with the more nimble corporate form.

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