Econintersect: William K. Black appeared on Bill Moyers & Company last night (03 October 2014) in a discussion about mortgage fraud. The discussion mentioned a recent trial in California where individuals who had signed fraudulent mortgage applications were acquitted on grounds that the applications had been arranged by the lender which was determined to be the fraudsters, not the individuals they convinced to sign the false documents. (See GEI News.) The major focus of the interview claims that protection of criminal banking activity has been a major policy focus of the Obama administration.
William K. Black:
“There is no threat to capitalism like capitalists.”
“When dishonest people gain a competitive advantage in markets it creates something in economics and criminology we call Gresham’s Dynamic markets , and that means bad ethics drives good ethics out of the market.”
“We have created an incentive structure that assures the destruction of our economy.”
- Full Show: Too Big to Jail? (Moyers & Company, 03 October 2014)