Fraud and the Financial Meltdown

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A few days ago a reader asked me what I thought of Bill Black. Answer: he’s a pretty fascinating guy. I met him at a conference last year, and probably the best time I had was the hour I spent sitting next to him and Dean Baker one night at dinner as they regaled each other with stories about financial fraud and the S&L crisis of the 80s. (Black was a bank regulator at the time.) As it happens, I don’t think fraud is the be-all-and-end-all of the 2008 meltdown, but it was a significant piece of it and it doesn’t get as much attention as it should.

Black isn’t in the news much, which means I don’t get a chance to link to him much. But TRNN recently did an interview with him, so this is my chance. And yours. Watch the video and hear him toss out Taibbi bait like this about the finance industry: “Think of it as a giant engorged leech on Main Street.” Or listen to him explain that “We now have sociopaths in control of our major financial institutions.” Booya! Part 2 of the interview is here.
 

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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