“Liberal” Economists Cheered the New Democrats’ Deregulation of Finance (William K Black)

[Waiting For Everyman]

8. William K. Black is no joke.

He's one of the few (like Brooksley Born, mentioned in this piece) who know where all the financial bodies are buried. He's exactly the kind of person who should be a Presidential advisor. Too bad Obama didn't have the good sense to choose him. Thankfully, Bernie did.

He's giving background here that a lot of people don't know, but need to. I'll bet most younger voters today haven't even heard of Savings and Loans. The crash of the S&Ls in the 1980s was the forerunner of the same thing only bigger in 2008.

A reasonable person might ask how you can have the same disaster happen over again in such a short time? That does away with the "who could've known" defense. They knew. Those involved planned it. And got away with it. At least there were a few indictments and convictions in the S&L crisis. William K. Black was part of that investigative process. He knows his stuff.

Edit to add: A very readable, very factual book that I highly recommend on the S&Ls... In Banks We Trust by Penny Lernoux, which I got hot off the press in 1984 and is still one of my all time favorites.