Friday, December 6, 2019
I hope you don't leave this piece before reading the portion about Trump and Mnuchin. Though the topic below is a bit of history, I do relate it to the players of today. Plus, I suspect much of the history relayed in the video is mostly unknown to many or most people.
There's a link below to an interview of William K. Black by Bill Moyers. Black was a bank regulator key to the production of about a thousand criminal referrals in the Savings & Loan fraud in the 1980's. He's also a Professor of Economics and Law, and in my view, a genuine American hero. For more than a quarter century, he has worked tirelessly to expose the ongoing ripoff of the American public by Mega Banks and their political Cronies in DC.
In the above clip, Black explains exactly what caused the 2008 Crash and the complicity of Obama, Holder, Geithner, Jamie Dimon, and others. He also tells us why the same thing will happen again. This general topic may be old news, but the details in this interview are revealing, breathtaking, and largely unknown by the "average" American. It's a Must-See, and brutally relevant to today.
Capitalism is a great economic system, but without strong regulations and enforcement it becomes Crony Capitalism-Casino Capitalism-Surveillance Capitalism and a Kleptocracy for the Super-Rich. History supports that contention. There's no question about it.
So, what about Trump relative to this essay? That's probably an eight-hour conversation. Briefly, though, here are some points to consider---
1. Elsewhere in this venue, I've explained why he owes Bankers big-time, both literally & figuratively.
2. He and his Crew are decimating regulations across the board, including Banking regulations.
3. His Secretary of the Treasury is Mnuchin, who was more or less a foreclosure king during the last Crash. Because he would make millions, he was overheard saying prior to the last bursting of the Housing Bubble, "I'm hoping for a real estate crash". He was a Goldman Sachs Banker for 17 years. He financially supported Hillary in her Primary run against Obama, and then supported Obama in his run against McCain. He has strong ties to Wall Street, and apparently, no defining political ideology. In some ways, he's another Paulson.
None of the above speaks well for Trump in relation to the coming Crash. The Mega Bankers again will make out like the bandits they are...at our expense.
Not only my opinion. Be Well
p.s. The title quote is from William K. Black, and it's in the video interview.