Sunday, April 5, 2009

William K. Black: The government is lying to us

Former government regulator alleges the government is lying about bank losses in order to maintain an artificial public confidence. Excerpt from his interview with Bill Moyers:

Moyers: How is this happening? Why is it happening?

Black: Until you get the facts, it's harder to blow all this up. And of course the entire strategy is to keep people from getting the facts.

Moyers: What facts?

Black: The facts about how bad the conditions of the banks is. So as long as I keep the old CEO who caused the problems, is he going to go vigorously around finding the problems, finding the frauds, taking away people's bonuses?

Moyers: To hear you say this is unusual, because you supported Barack Obama during the campaign. You're seeming disillusioned now.

Black: Certainly in the financial sphere, I am. First, the policies are substantively bad. Second, I think they completely lack integrity. Third, I think they violate the rule of law. This is being done, just like Sec. Paulson did it, in violation of the law.

You can watch the 20 minute interview here.

Rod Dreher

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