NEP’s Bill Black’s Presentation at UMKC’s TedX

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2 responses to “NEP’s Bill Black’s Presentation at UMKC’s TedX

  1. Great as always.
    Was glad to see the longer video (guess there’s no Congressional time limits for this one!) it really explained the whole situation even better to me. Like many I thought our crisis started in 2001, then back to the late 90s, now it appears the seeds were sown in the mid 80s! Our result was the inevitable one of de regulation of finance.

    What really has me steaming is that clearly we were lied to about how this all was a “surprise”. Looks like all these frauds have been going on for decades, it was nothing new (just how “exotic” they got was new) and that we should not have been fooled, and steps could have been taken to deal with it.

    Maybe simplistic, but some measure needs to be taken to break these banks up, keep them limited and regulated by the FED. Maybe something like, to receive the LOLR benefits you have participate in regulation?

  2. Indeed – am reading the new edition of Bill’s book at the moment, and what is described of the S&L crisis and the fraud mechanisms involved, sounds like it is very probably a carbon-copy template of what happened here in Ireland.

    The regulatory system here is so captured, that Jonathan Sugarman, a whistleblower who tried to expose fraud to financial regulators here, was himself implicitly threatened by the regulators that he, the whistleblower, would be reported to the police, if he exposed any wrongdoing – here is an article on him from David Malone/Golem-XIV:
    “You might have thought the Irish Bank regulator would want to know what Sugarman had to say. You’d be wrong. The Irish regulator has gone out of his way to ignore him. I have been privy to all the emails and correspondence and it is a shameful and tawdry story of obfuscation, lying and threats. Meetings where he was told he could come and tell the regulator what he knew, but that if he revealed any wrong doing by the bank that occurred during the time he was there, the regulator would have to report him to the police. Despite the fact he had been the one trying to raise the alarm.”

    I don’t hold much hope of reform here in Ireland, this side of the next major crisis – or, well, even after then…

    In any case, very good video (and book too!).