Bill Black Lands A Knockout Punch on Obama and Wall Street Corruption

10-28-2010 • Market-ticker.denninger.org/

Third, integrity is important. I really shouldn't have to explain this. It depresses me that I have to argue that it is wrong to lie. Our democracy, our economy, our society, and our souls depend on restoring our integrity and the rule of law. Randy Wray and I have proposed a step that would demonstrate the president's complete repudiation of Summers' strategy and a return to the rule of law: Place Bank of America in receivership for its tens of billions of dollars in fraudulent loans and its multitude of foreclosure frauds. Don't talk about doing the right thing -- do it -- and do it to a major contributor. Don't do it because it's a contributor, but because a bank that commits tens of thousands of frauds should immediately be placed in receivership. Yep. But integrity never matters to Washington DC Bill. Nor does it matter to Wall Street. Only money matters to both, which is obvious from the market reaction since the extortive act against FASB was committed - and that, it is clear, is what "turned the stock market" in 2009. It wasn't a "recovering economy" - there has been no meaningful recovery. It certainly wasn't anything in the employment situation, nor in the common weal. Rather, it was that theft and fraud were ratified as a "legitimate" business enterprise - so said Washington - and whether Obama like it or not, it was his Administration that did it. Good stuff over at HuffPo from Bill Black - and well worth a read. Remember when you go to the polls folks - if you think you're voting to "stop" The Republicans from "allowing" the fraud to happen again, you're not. You're just voting for which of the two bank robbers you like being assaulted by more - the guy with the red ski mask or the one with the black one. Discussion below (registration required to post)