Economist and S&L-crisis investigator Bill Black: "[The conclusions of the Financial Crisis Inquiry Commission last week] ...can only have occurred with endemic fraud from the most senior ranks of the lending institutions and the investment banks, in other words, what we in criminology call accounting control fraud." "But ...neither Congress nor this commission ...[were] willing to actually use the F word."

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February 1, 2011

Criminal Charges Must Be Laid - Former Finance Regulator

William Black: Regulations were deliberately weakened to create conditions for systemic fraud

Blogger's Summary: The mortgage lenders, investment banks, and property appraisers have conspired to commit an economic crime of unprecedented proportions (about 40 times larger than the S&L crisis), but instead of being sent to jail, they have been granted a massive bailout ($12.3 trillion on the books, as much as $10 trillion more unadmitted) of taxpayer money.

In short, these banksters have crashed the economy, created massive unemployment, and picked the pockets of American taxpayers to the tune of at least $12.7 trillion with the full complicity of our government.

Yet in his State of the Union address Obama proposed a 5-year freeze on domestic spending in order "to reduce the deficit by more than $400 billion" -- a mere drop in the bucket compared to the $12.7 trillion awarded the banksters, but perhaps enough to bail out the states so they might rehire all those fired teachers, police, and firemen...

So we see clearly whose side our government is on ...and that the "change" that Obama promised us turns out to be a gigantic change for the worse ...at least for the 99+% of us who aren't banksters.

Are you mad yet!