<font size=”2″ style=”font-family: verdana,arial,helvetica,sans-serif;”><span style=”font-weight: bold;”>“The entire strategy is to keep people from getting the facts”</span></font><br /><p align=”left” class=”post-title entry-title”><font face=”Verdana” size=”2″>William
K. Black was the senior regulator during the Savings and Loans
(S&L) crisis, and an Associate Professor of Economics and Law at
the University of Missouri (</font><font size=”2″><a href=”http://www.pbs.org/moyers/journal/04032009/profile.html”><font face=”Verdana” color=”#5588aa”>bio)</font></a></font><font face=”Verdana” size=”2″>. </font></p>
<p align=”left” class=”post-body entry-content”><font face=”Verdana” size=”2″>Black </font><font size=”2″><a href=”http://www.pbs.org/moyers/journal/04032009/transcript1.html”><font face=”Verdana” color=”#5588aa”>says</font></a></font><font face=”Verdana” size=”2″>
that massive fraud is what caused the economic crisis. As one example,
he explains that everyone involved knew that the CDOs which packaged
subprime loans were not AAA credit-worthy (which means that they are
completely risk-free). He also said that the exotic instruments (CDOs,
CDS, etc.) which spun the mortgages into more and more abstract
investments were <span style=”font-style: italic;”>intentionally created</span> to defraud investors.</font></p>
<p align=”left” class=”post-body entry-content”><font face=”Verdana” size=”2″>Moreover, Black </font><font size=”2″><a href=”http://www.pbs.org/moyers/journal/04032009/transcript1.html”><font face=”Verdana” color=”#5588aa”>says</font></a></font><font face=”Verdana” size=”2″> that the government’s entire strategy in dealing with the economic crisis is a massive cover-up:</font></p>
<p class=”post-body entry-content”><font face=”Verdana” size=”2″>[They don’t
want to change the bankers, because if we do, if we put honest people
in, who didn’t cause the problem, their first job would be to find the
scope of the problem. And that would destroy the cover up….</font></p>
<p class=”post-body entry-content”><font face=”Verdana” size=”2″>Geithner is … covering up. Just like Paulson did before him….</font></p>
<p class=”post-body entry-content”><font face=”Verdana” size=”2″>These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed….</font></p>
<p class=”post-body entry-content”><font face=”Verdana” size=”2″>Until you get the facts, it’s harder to blow all this up. And, of course, <span style=”font-weight: bold;”>the entire strategy is to keep people from getting the facts….</span></font></p><font size=”2″><br /><br /></font><br />
<p class=”post-body entry-content” style=”font-family: verdana,arial,helvetica,sans-serif;”><font size=”2″>[Question Are
you saying that Timothy Geithner, the Secretary of the Treasury, and
others in the administration, with the banks, are engaged in a cover up
to keep us from knowing what went wrong? </font></p>
<p class=”post-body entry-content” style=”font-family: verdana,arial,helvetica,sans-serif;”><font size=”2″>[Black Absolutely….</font></p>
<p class=”post-body entry-content” style=”font-family: verdana,arial,helvetica,sans-serif;”><font size=”2″>They’re
deliberately leaving in place the people that caused the problem,
because they don’t want the facts. And this is not new. The Reagan
Administration’s central priority, at all times, during the Savings and
Loan crisis, was covering up the losses.</font></p>
<p class=”post-body entry-content” style=”font-family: verdana,arial,helvetica,sans-serif;”><font size=”2″>[Question So,
you’re saying that people in power, political power, and financial
power, act in concert when their own behinds are in the ringer, right? </font></p>
<p class=”post-body entry-content” style=”font-family: verdana,arial,helvetica,sans-serif;”><font size=”2″>That’s right.
And it’s particularly a crisis that brings this out, because then the
class of the banker says, "You’ve got to keep the information away from
the public or everything will collapse." <br /></font></p><p class=”post-body entry-content”><font face=”Verdana”><font size=”2″ style=”font-family: verdana,arial,helvetica,sans-serif;”><a href=”http://www.globalresearch.ca/index.php?context=va&aid=13063″>Source</a></font><br /></font></p>