Naked Capitalism has the article Bill Black at TED Explains How Insiders Rob Banks and Cause Crises.
This is a great piece to share with friends and who still aren’t sure why we had a crisis or are predisposed to blame it on greedy borrowers, as opposed to greedy and reckless financial services industry players.
If you don’t know who Bill Black is and if you haven’t read his book and if you have been ignoring my blog for the past 7 or 8 years, here is the bio that was posted along with the YouTube video below.
William Black is an associate professor of economics and law at UMKC. He has held many prestigious positions, including executive director for Fraud Prevention. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management. He is a criminologist and former financial regulator.
Warning: If you would prefer to cling to your own idea of what caused the crisis because you are so sure you know what you know, then do not watch the video below. If, on the other hand, you entertain the possibility that the Tea Party funded by the Koch Brothers might have an ulterior motive in getting you to believe the government’s promotion of home ownership is the cause, then this video is for you.
Why aren’t we outraged enough to demand action from Obama and Holder?