Saturday, August 6, 2011
William Black was a regulator during the Savings and Loan scandal in the /80's. He wrote an interesting book called "The best way to rob a bank is to own one." He claims that the current financial crisis and economic meltdown is driven by fraud. Micheal Moore interviewed him in his movie Capitalism a love story where he stressed the difference between Capitalism and Democracy. Greed is not good. With regards to bank deregulation it has been said, When you destroy financial regulation you create a financial catastrophe.
Just for the record, you're not going to hear me make statements like, share the wealth. You're going to hear me make statements like stop the fraud. Stop letting white collar criminals steal from the public purse. It has nothing to do with left or right. It's just common sense. If you let criminals steal from the public purse, there will be less money to balance the budget which adversely affects the economy. Privatizing and deregulating everything simply opens the door for fraud and theft. We've seen it with the prisons. We've seen it with Enron. We've seen it with the Banks and we've seen it with Wall Street. Or in our case the VSE.