Transcript of Moyers' interview with Bill Black

Post #313,798 by drook 9/9/09 9:32:33 AM Reply	Transcript of Moyers' interview with Bill Black BILL MOYERS: In other words, they could have closed these banks without nationalizing them? WILLIAM K. BLACK: Well, you do a receivership. No one -- Ronald Reagan did receiverships. Nobody called it nationalization. BILL MOYERS: And that's a law? WILLIAM K. BLACK: That's the law. BILL MOYERS: So, Paulson could have done this? Geithner could do this? WILLIAM K. BLACK: Not could. Was mandated-- BILL MOYERS: By the law. WILLIAM K. BLACK: By the law. BILL MOYERS: This law, you're talking about. WILLIAM K. BLACK: Yes. BILL MOYERS: What the reason they give for not doing it? WILLIAM K. BLACK: They ignore it. And nobody calls them on it. ... So, now we get in trouble, and what do we do? We adopt the Japanese approach of lying about the assets. And you know what? It's working just as well as it did in Japan. BILL MOYERS: Yeah. Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong? WILLIAM K. BLACK: Absolutely. BILL MOYERS: You are. WILLIAM K. BLACK: Absolutely, because they are scared to death. http://open.salon.co...ithners_complicit -- Drew
Post #313,801 by boxley 9/9/09 10:46:45 AM Reply	they are opting for the japanese model with a twist, print money and lots of it. Allow yer buddies on the street to pick it up interest free then loan it out to keep under preforming assets to float. Get out of dodge before it all implodes.
Post #313,805 by drook 9/9/09 11:19:33 AM Reply	That's the part that interests me What's their exit strategy? At some point "get out before it implodes" isn't just a cynical rant, but rather they're consciously doing it. How do they see this playing out? Or are they so conditioned by everything they've ever seen of corporate culture, that there's always a golden parachute, that they don't think they have to plan for it? -- Drew
Post #313,808 by boxley 9/9/09 11:54:58 AM Reply	people on both sides of the equation treasury feds goldman sachs boa are all from wall street. They understand how money works but not the economy. They are just trying to keep the game going long enough so they can get out with a pile and leave it for the the next group
Post #313,810 by jay 9/9/09 1:05:48 PM Reply	Re: they are opting for the japanese model Get out of dodge before it all implodes. The whole point of this strategy is to avoid the implodes step. Instead, the big businesses are turned into financial zombies, giant companies that have negative real value but function because of government guarantees and accounting illusions. The hope is that the economy will recover on it's own and the growth will pull the zombies back into a function state. History suggests this doesn't work because the zombies remain a drag on the economy, soaking up money without creating much growth or progress. Japan survived because their export oriented economy could grow based on how well other countries where doing. The US doesn't have that option, and instead we have to depend on the dollars special status and pumping money into the economy faster then it's bleeding or deleveraging out. Jay

Welcome to IWETHEY!