I know with the health care debate and all, we been distracted from the Wall St bank fiasco. But we do so at great peril. There remains tremendous economic problems in our country, and these can and will have political implications in 2010 and 2012.
Still wondering what happened during the bank meltdown and what we're doing to fix it? Below is a very clear explanation of what happened and what we're doing or not doing to fix it.
Willaim Black was a bank auditor who helped our country get through the S&L crisis relatively intact and boy, does he have some lessons leaned which must be applied to our current crisis. This video is long but well worth your complete attention!
Cross posted from naked capitalism: http://www.nakedcapitalism.com/...
Readers may know that William Black, who teaches economics and law at the University of Missouri, Kansas City, has been a vociferous critic of US policy on the financial crisis. In this lecture, he not only revisits one of his favorite topics, fraud, but also examines a wealth transfer from the middle classes to the banksters.
Thanks to reader John M.