Sunday, April 05, 2009

The Raw Story | Economist: US collapse driven by 'fraud'; Geithner covering up bank insolvency:
"In an explosive interview on PBS' Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called 'liars loans' could receive AAA ratings and zero oversight, amounting to a massive 'fraud' at the epicenter of US finance. But worse still, said Black, Timothy Geithner, President Barack Obama's Secretary of the Treasury, is currently engaged in a cover-up to keep the truth of America's financial insolvency from its citizens."

Why is this considered "explosive"? Has the author of this piece talked to average Americans? If so, he would find that EVERYBODY KNOWS THIS because it is self evident. We know what a Ponzi scheme is. We know what fraud is. I think the real problem is journalists are JUST NOW coming around to understanding what was done. It takes a while because all they really know is how to be a journalist. (Whatever that entails.) Hopefully they will be able to raise enough moral outrage before the whole thing is over and maybe we can manage to save a few bucks here and there. Personally, I think it is all over but the shouting and Mr. Obama has been a total and complete bust. His handling of the financial situation (it's not a crisis) has been an abomination, his plans for healthcare are disastrous, he supplicates himself (and hence ourselves) to Saudi kings, kisses Israel's ass as it continues its genocide against Palestinians and pledges to "win" in Afghanistan while the real source of trouble, Pakistan, goes off the rails. So I guess we try, try again in 4 years, huh?

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