"The Best Way to Rob a Bank, is to Own One"......

"William K. Black suspects that it was more than greed and incompetence that brought down the U.S. financial sector and plunged the economy in recession — it was fraud. And he would know. When it comes to financial shenanigans, William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s, has seen pretty much everything.

Now an Associate Professor of Economics and Law at the University of Missouri, William K. Black tells Bill Moyers on the JOURNAL that the tool at the very center of mortgage collapse, creating triple-A rated bonds out of "liars' loans" — loans issued without verifying income, assets or employment — was a fraud, and the banks knew it.

And while there is no law against liars' loans, Black points out that there are, "many laws against fraud, and liars' loans are fraudulent. [...] They involve deceit, which is the essence of fraud."

More about the Savings and Loan Crisis

Here is the video:William K. Black interview

*You know, I get so enraged that people openly vote for an ideology that believes man is inherently evil and then do nothing to prevent such evil. About 50% of Americans should be walking around with their noses cut off...to spite their face.*

I guess we have to purge the septic tank before we can fill it back up again?