Author Archives: Devin Smith

Bill Black on The Real News – Boris Johnson

NEP’s Bill Black appears on the The Real News with Sarmini Peries discussing Boris Johnson. Johnson’s demonization of the EU and virtually all of its leaders in his role as an alleged journalist makes him the worst conceivable person to put in a top diplomatic post. Video below. Transcript available here.

A Travesty of Financial History – which bank lobbyists will applaud

Review of William Goetzmann, Money Changes Everything:
How Finance Made Civilization Possible (Princeton University Press, 2016)

By Michael Hudson

Debt mounts up faster than the means to pay. Yet there is widespread lack of awareness regarding what this debt dynamic implies. From Mesopotamia in the third millennium BC to the modern world, the way in which society has dealt with the buildup of debt has been the main force transforming political relations.

Financial textbook writers tell happy-face fables that depict loans only as being productive and helping debtors, not as threatening social stability. Government intervention to promote economic growth and solvency by writing down debts and protecting debtors at creditors’ expense is accused of causing an economic crisis (defined as bankers and bondholders not making as much money as they thought they would). Creditor lobbyists are not eager to save indebted consumers, businesses and governments from bankruptcy and foreclosure. The result is a biased body of analysis, which some extremists project back throughout history.

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An Argument Against Basic Income

NEP’s Pavlina Tcherneva speaks with Bloomberg’s Joe Weisenthal about Basic Income Guarantees. You can view the segment here.

Bill Black on The Vinny Eastwood Show

NEP/BWU’s Bill Black appears on the Vinny Eastwood show out of New Zealand. Topics of discussion are Financial Fraud, and the Panama Papers.

Talking Appraisal Fraud with Bill Black

BWU/NEP’s Bill Black appears on Phil Crawford’s Voice of Appraisal. Bill discusses past problems with appraisal fraud and the AMC model. He also explains how he would like to work with appraisers in the future!! The introduction starts at about the 11 minute mark with interview starting around the 15 minute mark.

BWU/NEP’s Bill Black on WAMC

Bill appears on In Conversation with WAMC’s Alan Chartock. You can listen here.

Clinton Vs. Sanders on Big Banks

[Revised 4/18/16. Added Part 2 and link to Part 2]

Bill Black, adviser to Bernie Sanders, and Hillary Clinton supporter Paul Hodes appear on The Real News and discuss whether the Dodd-Frank legislation is effective at preventing systemic risk from Wall Street monopolies. You can view the videos below or on The Real News‘ site with a transcript. Part 2 on Real News.


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Banking Expert Who Exposed Savings & Loan Corruption Joins Sanders Campaign

By Reno Berkeley
Crossposted from Inquisitor.com

An expert in banking corruption and finance has joined the Bernie Sanders campaign. William K. Black, an associate professor at the University of Missouri-KC, is Bernie Sanders’ new economic advisor. Black was one of the central figures in exposing and prosecuting corruption in the savings and loan crisis from the late 1980s and mid-1990s. His addition to the Sanders campaign brings important knowledge in laws pertaining to finance and banking.

The savings and loan banking crisis resulted from a multitude of causes, one of which were two laws that helped deregulate them. The Depository Institutions Deregulation and Monetary Control Act of 1980 was signed into law by President Jimmy Carter. That law allowed credit unions and savings and loans to offer checking deposits, and to charge any loan interest rate they chose.
Read the rest here.

Why the Panama Papers Scandal Isn’t Such a Scandal After All

Crossposted from vice.com

By John Dyer

When news of the Panama Papers broke earlier this week, it was a bombshell. But it later emerged that German prosecutors had reportedly launched an investigation into the Mossack Fonseca law firm at the center of the controversy a year ago. (The investigation is ongoing.) American officials have also for years been trying to track money shifted around the world through shell companies that the firm specializes in establishing.

Though governments around the world have long decried tax havens and have aggressively pursued big banks in Switzerland and other countries, they have not pursued high-profile lawsuits against Mossack Fonseca or its clients despite knowledge of its business dealings.

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