Friday, December 24, 2010

Financial Crisis: Professor Bill Black, "Everywhere you Look you Find Massive Financial Fraud"

Professor Black Says:

--So far, no arrests, no prosecutions, no convictions have occurred in the wake of the Financial Crisis, in contrast to over 1000 convictions in the Savings and Loan debacle of the 1980's.

--The FBI and justice department can't be successful at bringing fraud cases unless the regulators do their jobs which they're not doing. They have submitted zero criminal referrals this decade.

--There has been a total coverup in this crisis, a death of regulation including the sham bank stress-tests.

--Everywhere you look you find massive fraud and millions of liars loans.

--There has been a really severe recession in the past 2 years which has reduced demand by almost 6 trillion dollars.

--The actual losses in this financial crisis have never been disclosed. The crooks are all still in place.

--The accounting rules via the Financial Accouting Standards Board (FASB) have been changed to help hide the debt and to allow the continued paying of exhorbitant bonuses to Bank executives.

--Citizens should demand that the government end Systemically Dangerous Institutions (SDI's) also known as too big to fail institutions and insist on accurate accounting standards!


Professor Michael Hudson on The Faux "Recovery" and the End of Capitalism

Professor Hudson Says:

--The post-industrial economy is nothing more than a return to Neo-Feudalism.

--The Federal Reserve is a sham. There is no reason the government of the United States should have to pay interest to a quasi-private body in order to print more money. The US Treasury should do so directly thereby eliminating the need to pay interest to the Fed which could be abolished or subsumed under the Treasury Department.

--Since the beginning of the Financial Crisis, the national debt has virtually tripled from roughly 5 trillion to 15 trillion dollars. In order to service the new debt, taxes will have to be increased markedly in order to avoid default.

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