Bill Black: "Jobs Now, Stop the Foreclosures, Jail the Banksters"

[Gandalf]

Bill Black makes the excellent point that the savings and loans crisis was next to nothing in comparison to the losses incurred on mortgages in this crisis. Mortgages were 70 times more costly at 11 trillion dollars in this instance and yet this crisis has seen next to no prosecutions (11 minor ones from the same case) and has Geitner pushing for immunity for the elite fraudsters. Black essentially argues that we need to push for elite banking prosecutions. I heartily agree.

Here is the video, make up your own minds.

[Gandalf]

And in case you don't know who Bill Black is, this is the man who has put away elite bankers in his time. However, you need governments willing to go after fraudsters in order to lock them up.

[brocktonblockbust]

Absolutely. And Goldman Sachs was inflating all their mortgage-holdings through illegal financial instrumentation such as derivatives, leveraging its wealth to 50,000%. I believe the 11 trillion dollars is actually grossly understated, because it doesnt include COMMERCIAL REAL ESTATE SUCH AS MALLS.