William Black; Assoc. Professor of Economics and Law, UMKC
Frauds Drive our Economic Crisies, one after another explained in this lecture...the sysopsis ;
Some criminologists work with two economists on the economics of the S&L Crisis; those two economists get a Nobel Prize for writing on the economics of frauds; the criminologists are forthwith banned from governmental proceedings, by financial lobbyists (& both American major political parties) The Nobel Prize winning work is "openly" ignored.
The S and L Fraud, Enron and other Bubble market debacles are presented in this video lecture. The economists who disgnosed it; Acriloff and Romer were barred from spreading the word for exposing this most maliscious, malfeasant behavior of our banking system professionals; Bad people ! Looter and advisor to potus Bush, Mr. Manqiue's comment ; "it is irrational not to loot" ; also teaching not to prosecute for same, judge Easterbrook of the 7th circuit court; (look up Gresham's dynamic here). The "FRAUD" cannot be used in political public as they will claim it does not exist, which is a direct lie/fraud in itself !
Note that the 3 "D"s are necessary in this world of Americanized political and governmental fraud... De-Regulation; De-Supervision, and De-Facto-DeCriminalization. Franklin Raines is a prime example with Fannie Mae, etc. The investing of others monies in bad situations and awarding themselves for failure has become endemic and rewarded by our entire system.
I have yet to assimilate or understand all I can from this amazingly alarming video !