Wednesday, October 21, 2009

William K. Black on Democracy Now! 10-15-2009

Ahhh! I'm a bit late with discovering this interview.

The latest dirty laundry gets aired. The reforms on derivatives are a scandal since they exempt all the troublesome derivatives. It was found out via the Pecora Commission, around the Great Depression, that certain elites were given stock at half of the market price, and one of them was the former president! The current "Pecora Commission" in place is a fake and the politicians are arrogant enough to coverup the coverup in public.

"Well, I mean, Summers, for example—you talked about Geithner’s aides and how much money they had made, and, of course, it’s absurdly large, and they’re making it typically for not doing much of anything. But they’re taking their cue from Summers, who got $5 million, roughly, for working one day a week in areas he had no expertise. So, you know, once you leave the federal service, then these interests that you were very helpful to find a way to make you spectacularly rich, and they know that that’s what’s coming in their future. That’s part of the problem.

But the bigger part of the problem, in many ways, is that they have such an ideology about the market and its ability to deal with all problems that has no basis in reality, has been exposed in this crisis as completely fictional, and yet they can’t give it up. I mean, think of yourself as one of these professors who’s been trained in the Milton Friedmanish views, and you’re in your fifties, and you’ve been saying—you know, everything you’ve said in your career is wrong. Everything you’ve learned in your career is wrong. All of your areas of expertise are wrong. Are you going to admit that? “Hi, I’ve been misleading you, and I’m sorry I caused this disaster. And by the way, I have no meaningful skills or experience". ... It’s not going to happen.” --- William K. Black

William K. Black on Democracy Now! 10-15-2009 Part 2/4

William K. Black on Democracy Now! 10-15-2009 Part 3/4

William K. Black on Democracy Now! 10-15-2009 Part 4/4

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