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Thursday, October 21, 2010

Mortgage Fraud and the Great American Cover-Up

I first stumbled onto a William K Black interview a few years ago when I was trying to sort out just how the greatest theft in the history of man had taken place in front of my eyes. Retired cops do that sort of thing.

This video is 98 minutes long. If this whole mortgage banking fraud has you mystified- or if you are wondering why American politicians are allowing banks to cover up their losses, then this will be the best video you will ever watch. Black cuts thru rhetoric and bs to tell you what happened. It's the best 90 min education you can get. You will be far better informed but like me, people will think you are nuts. Grow thick skin.

Some facts.

There were only 2298 views of this video when I swiped it. That is pathetic.

Black was one of the regulators who cleaned up the Savings and Loan mess in the 80's. He helped lock up over 1000 fraudulent bankers. His credentials and reputation are as close to as impeccable as you can get. The Keating Five were 5 Senators who tried to pressure Black and his co-workers into not doing that job. In fact, Keating wanted him killed. It's in the vid.

I gleaned a couple of great insights from the video. Banks are essentially allowed to value "assets" at whatever they deem appropriate. Any figure. That is legal and thus they have created the illusion that they are solvent. They are not. He states repeatedly that fraud, control fraud, occurred at virtually every level in the mortgage mess and that until it is addressed, it will only get worse.

Black supports the position that a gold standard cannot work. He is a supporter of the audit the FED bill which still has not passed. (2 years in the making) Black gave a trite "no" in response to an eliminate the Federal Reserve (central bank) question regarding manipulating the quantity of currency and creating recessions. Interpret that as you wish.

I think Black is too intelligent for that trap. He is not going to jeopardize the credibility he would lose from a public that has come to view the central bank as essential. To do that, would piss off any chance he might get to work for the government and ruin his credibility- remember this guy is actually trying to convince Congress to do an investigation into this massive fraud. Ergo Black, will not risk the potential backlash of a maniacal opinion to eliminate the FED.

He leaves that shit to maniacal bloggers off their medications. The video follows;

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