One-on-One with Professor William Black
By Greg Hunter’s USAWatchdog.com
Professor William Black is an outspoken critic of Wall Street. Black, a former bank regulator and professor of law and economics, says, “Outright fraud caused the great recession, and they are able to do it now with impunity.” Not a single financial elite that caused the crisis has gone to jail. Because laws are not enforced and crooked bankers are allowed to do whatever they wish, Black says, “Each crisis is getting bigger by an order of magnitude.” Meaning, the next financial meltdown is assured to be much greater than the last. According to Professor Black, “Just the household sector lost $11 trillion, a trillion is a thousand billion.” He goes on to say, “You can get to the point where even the United States could be thrown into a long term collapse scenario.” When I asked, “Any day something could happen and we could be in another collapse?” The Professor unequivocally replied, “Yes.” Join Greg Hunter as he goes One-on-One with Professor William Black.
In 2008, I said Bush may be the worst president and Obama may be the best.
I was wrong. Obama has codified what Bush started. NDAA is an example;
For Obama, the rule of law: http://www.youtube.com/watch?v=xNPnWR1HeKA
What is the rule of law? http://www.youtube.com/watch?v=ECPGenexyKM&feature=player_embedded
Who signed the NDAA?
And Elizabeth Warren for VP on an Independent ticket.
Time for people of good will and intelligence to form a Third Party.
Its so true, until you address the criminality the problems will keep rolling in until the coup de grace.
Watching all this unfold is like watching a drunk stubbornly clinging to dreams that the addiction can be tamed and the damage can be controlled………in this day in age I am sure most of us have seen the sad results of that kind of thinking.
Greg, you continue to do great work!
William K Black is one of my favorites, along with Sinclair, Willie, Keiser, you, PC Roberts, A Jones, etc..
I’ve a couple points of interest.
I see people still trying to blame only the Hobo for taking out the 1 fraudulent home loan & the banks giving out the 1 loan.
The main piece I think needs explained better is that the Banks needed the 1 fraudulent home to the crafty Hobo , (wink), so then the banks could take & sell that 1 loan to something like a 1000 different pension funds/other investors.
The point being is that the government could have bailed out/paid off every one of those home owners/home mortgages, said to be 11 to 13 Trillion $$$ worth, but the real problems remains that if that 1 mortgage is paid off the banks still have the other 999 fake mortgages sold still owing payments to the pension funds/investors.
None of us are sure of what the real number is of how many times that 1 mortgage was sold, but we know it was more the 1 times & may have been sold a 1000 times to a 1000 different investors each thinking they are the true owner of that 1 mortgage asset.
And the key remains the OTC Derivatives.
Another point I never hear commentators/guests bring up when discussing Social Security(SSI)/Medicare (M)/Medicaid(M), that is SSI was conceived in the 30’s by Wallst Banks/Gov as a Ponzi Scam & as a Tax to have “We the People” bailout the Banks/Gov corruption/the last Great Depression caused by the Banks/Gov/Federal Reserve.
Commentators/Guest I believe should bring up the fact that SSI/M/M could have been & can be made viable by ending the Wall st Banks/Insurance Gov Monopoly Rent Seeking Powers to expire & allow someone like William K Black to set up a honest run/locally control by “We the People” nonprofit depositor Banks/Insurance Co. that used SSI/M/M that invested in Biz/Home Loans & Insurance products.
If that were done SSI/M/M would cease to be a ponzi scam I believe.
Of course no plan will work if someone comes in & corrupts the system from within.
HI Greg, Does Mr Black know about in the change of bankruptcy laws regarding hypothecation and rehypothecation? It seems he doesn’t know it …
Each crisis is still with in the same bubble that the ponzi FED money is built on. The entire system is a bubble. Think about it and how the leveraging and fractional banking operates. It expands the cost or value of an existing/real asset with “notational value” which become the air in the bubble. the next thing you know…. more notational value is added to all kinds of market… hence the bubble economy is born….
The austerity he spoke of will happen here in the USA because his DDDs.
Do you have any suggestions/opinions you could share in the areas of Debts Owed vs Savings held by Banks/ Pensions held by Wallst?
My wife & I have taken many positive steps the past few years to secure things around here in these uncertain times.
Backyard gardening, orchard, securing meat,water/meds/ electric power use reduction/onsite generation & just about everything we could think of we’ve secured or we are currently working on it.
The recent article from Ann Bernhardt saying get all assets out of the US Financial system to protect them from Wallst/Gov theft, ie: GC/JPM/MFG/etc…, has me questioning what are our options.
We were thinking that money we held in savings, even if the $USD was greatly devalued could still be used to pay down/off existing debt since that debt is denominated in $USD.
The next possible problem is with pensions.
Some of our pensions plans there is nothing we can do with them, they are locked into the system.
But one of them isn’t locked but contains a poison pill for early withdraw. It isn’t a 201k/401k/IRA & has it’s own rules.
There are 3 choices we can choose.
We wait 5 years & let it make it’s monthly payments.
We can pull it out today & take a huge hit on the asset.
Or we could look to see if we can find someone that would lend against the asset, take out a loan & use the pension as the collateral.
If you have any thoughts or ideas on the subject that’s be great, if not that’s fine too.
I’m doing to ask a couple other people that I also value their opinions, if they respond I’ll post them on your site.
Wow…If I heard him correctly, if we cut gov’t spending we are going into a depression. there is no way we can keep spending at theses levels.
Greg, he is spot on. The rule of law went out the window decades ago as the banksters flew in! This is no where like the great Depression, it is trillion’s times worse. Jim Sinclair has put up ‘a how to protect what assets the gov & bankers have not got their hands on yet quide’, I hope those who read this site will check out Jim’s site, http://www.jsmineset.com for the full details. Remember a broker is just that, don’t let them sell you down the creek!
You keep having the best of the best bringing us the harsh truth, many thanks, I just hope my friends & extented family see the truth also!
The quality of the Video & Audio from the guest is So Bad that it un-watchable!!!!!
Can we get minimal Quality Control????
I appreciate what you are doing, and can happily put up with minor tech glitches. Keep up the brilliant work, Greg.
Call me a conspiracy nut but I don’t see how such pervasive and systemic corruption in the banking and political arenas could possibly have occurred simply by accident or as a result of countless bad decisions being made by honest people in charge of operating those systems.
That being said, it is likely that the outcome of this situation has also been predetermined. Thus the advice of people like Mr. Black will fall on deaf ears unless it suits the ambitions of those who profit from the system currently in place.
We should be prudent and plan for a collapse the best way we know how while knowing that then, as we are now, we will be expected serve as the sacrificial lambs.
Walking on a muddy road is not bad if you have been were walking on a broken glass road.
I had a premonition the other day. There will be a bank holiday declared on Dec 24/2013 – the day after the charter for the Federal Reserve Bank expires. If WW3 has started by then it’ll be sooner. Either way you only have about a year left to prepare.
what does he mean ” we are not in an economic collapse” and that the “figures dont tell us this”??? has he not been reading john williams shadowstat? does he not know the figures are cooked? sorry i turned it off when he said this
I agree with angee. We are in a collapse presently. Its like the wind is 50 mph,theres lightning all around us,but because it has not rained yet we cant call it a storm.
Black mentioned at least twice we are in a weak recovery. That is only if you believe the government lies about unemployment, inflation, housing, and manufacturing. Followers of USA Watchdog all know those numbers are cooked “big time” by the liars in the government. Shadowstats are the true numbers. Because of this, I don’t trust his judgement.
Great interview Greg,
Too many examples to list but certainly MF Global and Jon Corzine stand out as the most egregious example of Judicial inequity. Stick a knife in the face of a 7-11 clerk and you rightfully get 10 years — rob billions ? and you get a campaign to re-elect job. As the last real President said – ” a recession is when your neighbor loses his job and a depression is when you lose your job” – Why the disparity in reaction by the public to the creeps-crooks-on Wall Street? Apathy – powerlessness – certainly, but as I have written before hardly any Americans hold gold and hardly any of them are affected by a futures market, at least , directly. There is not a concerted outcry from our representatives nor from the public so our banker alumni regulators feel no pressure– so they ignore and obfuscate. The fiscal cliff is upon us and the fall will be dramatic and powerful, especially for the MSM’s brain washed patrons, who will be chanting– off with their heads— to the messengers — sadly.
I’m a Canadian and i keep close tabs on the events around the world by watching people like Gerald Celente, Eric King (kingworldnews.com), Jim Cinclair, Alex Jones etc. and i hear alot of information of what is being done by the banksters and the 535 club in Washington. After watching this video with William Black (who i see as a very inteligent person) describing what needs to be done to combat thes criminals, however in order to put a stop to what they are doing we need an uprising from the comon man. what i believe is missing in all these discussions is an action plan by people like William Black, Paul Greg Roberts etc. so we can activate the so called comon man to build the momentum that is required. Like Alex Jones describes, there are a couple thousand of them and 6 billion of us in this inslavement stealth assault that is in progress. A blue print of action is in order, and as soon as posible!
A very good interview Greg. Don’t we all wish Prof. Black were in charge of bank investigations. I doubt the elite bankers would be free to continue their evil ways.
Here is one I would like to see go to the big house:
“Another fine mess you got me into”. Oliver to Stanly.
The more we uncover, the less we can do about it and it is going to be like chugging down a quart of Casto Oil before it is all over. Even this “Home Remedy is not a good solution to the problems at hand.
I have read that the European Banking Cartels are now worrying that they have killed the Golden Goose and that a form of Glass-Steagall must be implimented. To go along with it is some form of Gold Standard. Might they fear retribution and are now trying to save the anemic corpse that lays before them. Have they finnaly figured out that may have indeed scorched the earth, where even all thier wealth does them no good. Or the fact that it may be more than fines and imprisonment imposed upon them for thier deeds.
Things were fine as long as the public was kept in the dark and spoonfed lies. A dumbed down populace whose only care was immediate personal gradification. Now the apple cart has been overturned by an Islamic Radical which is about to enter the Nuclear Club.
There are too many contradictions. FEMA wants you to prepare for disasters, while Homeland Secuity will take it away because you are a survialists. They support the Constitution but covertly try to enter in treatise with foreign nations to dissolve it. They have made laws to protect themselves while inhibiting our due process of Law for redress of grievences.
Until we remove the influence of the banks and PACs money from our Legislative process, expect more of the same.
Until we remove The Industrial and Corporated Payed Trolls, from the Law Making Process, committees and sub committees, expect more of the same.
Until we all can define the Founding Priciples of this nation and throw off the yoke of Political Correctness and reverse the course of Socialism and Entitlement. Expect more of the same.
You will find you will have to do more later, if you do nothing now.
Thank you very much, Prof. Black and Greg.
This is news, real news.
Especially Greg’s last question, and, the precise answer to that question by Prof. Black.
I do not want these people to go to jail. I prefer that ALL of those (incl families) who are responsible have all of their money and assets taken away from them, so they are pretty much left homeless and penniless.
The trillions of dollars that they have stolen could be used to better infrastructure, health, edu etc.,worldwide. I don’t want this money sitting in some off-shore account accumulating high interest waiting for them to get out of jail 10-20 years from now. I also don’t want my tax money going towards their 3 sq’s a day + hot showers.
Let them beg on some street corner for food + work and let them live in some cardboard box down in skid row or in some doorway somewhere, because I will be more than happy to throw them my scraps from my car window.
The people MUST demand and make sure to get ALL of the money back from the likes of the Rothschilds, Rockefeller, Bush, Clinton, Greenspan et al.
Bill Black is David and the banking monstrosity is a conglomerate of 20 Goliaths. The only problem being, the Goliath mob also happens to rule the United States. Best of luck MR Black in your uphill battle to justice.
It is time to pin the tail on the donkey–Virtually all of the powerful individuals who have brought this situation about have a union–It is called the Council on Foreign Relations. The members of this organization of the wealthy elite : Greenspan, Bushes. Clintons, Cheney, Soros, Rubin, Summers, Biden, Welch, Rockefellers, have taken away the protections of smaller people/investors by repealing Glass-Steagall, and building the derivative fiasco among other rip offs such as High Frequency trading, and the elimination of the trading Uptick rule.
These people have brought about the transfer of 40% of middle class wealth to the wealthy elite which was only equal to a negligible 2% increase for the elite–certainly not a needed increase.
These elites own the big banks that own the FED. Their lusts for wealth and power are destroying the lives hundreds of millions of families worldwide. It is time that citizens become aware of how their lives are being affected and by who.
Bill Black is my write-in candidate for president. Obama is totally in Bankers pocket and Romney is a 1% uber rich oligarch candidate. So the choice is “no Choice” I WANT TO USE MY VOTE MAKE A STATEMENT:
“I SEE YOU RICH MF’S AND KNOW WHAT YOU DID AND ARE DOING AND YOUR TIME WILL COME.”
I don’t care about jail time for them, I want super fines and claw-backs of these criminal’s ill-gotten personal assets that will leave them stripped of wealth and blocked for life from positions of fiduciary trust.
ps I was a major contributor to Obama in 2008, campaign precinct capt. and WV state dem. deligate………….Obama get a big “FAIL” from me