William Black Audit the Fed Goldman Sachs Part 10

Professor Black presents much relevant data and important real world experience. I think even the evidence he presents points towards the inner circle of elitists centered on Wall Street as intentionally causing the crises, including the sub-prime crisis. What magnified that problem to much larger proportions were the derivative securities designed by Wall Street, such as credit default swaps. And every credit default swap was hedged by SEC-permitted naked short sales of corporate shares of the issuer of the debt. This almost assured default by the debt issuer. All this was designed to benefit the big players of Wall Street, as they make much more money in a crash than in gradual expansion.

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• goldman
• sachs
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• hr1207
• bailout
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• depression
• paulson
• bernanke
• geithner
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[fee1776]

It seems like the host is still hoping that Obama will be different, but he will learn like the conservative GOP that the party has betrayed his core values. In 2006 many conservatives left the GOP, in 2012 many liberals will leave the Dems, because both parties beckons to Wall Street and not Main Street.