I thoroughly enjoy Gonzalo Lira's blog.
http://gonzalolira.blogspot.com/2011/05/best-description-of-mortgage-mess-ever.html
In case you are interested, this is a 1-hour interview with Bill Black, who I believe was the lead attorney working for the government in prosecuting the criminals in the Savings and Loan scam. I have always been interested as to why there have been no criminal prosecutions in this financial mess although $10 trillion of wealth has been wiped out in the US. Bill Black's team was responsible for getting over 1000 felony convictions in the Savings and Loan debacle. How many have you heard of in this financial mess? He explains very clearly the fraud that was perpetrated and the massive corruption in the Clinton and Bush administrations that not only allowed the crisis to happen but encouraged it from the top down, including Greenspan, and why you aren't going to see any prosecutions even though the crimes were obvious and intentional.
He explains that not only were regulators asleep at the wheel, they actively aided and abetted the fraud that caused the whole charade. None of it happened by accident or ignorance. The final crime was putting the taxpayers on the hook for the mess.
None of this is explained in a partisan fashion. A life long Democrat, Black is a legend in the Savings and Loan story. You might have seen his appearance on Bill Moyer's show a couple of years ago which was also excellent. "Black asserted that the banking crisis in the United States that started in late 2008 is essentially a big Ponzi scheme; that the "liar loans" and other financial tricks were essentially illegal frauds; and that the triple-A ratings given to these loans was part of a criminal cover-up."
"Black was litigation director for the Federal Home Loan Bank Board (FHLBB) from 1984 to 1986, deputy director of the Federal Savings and Loan Insurance Corporation (FSLIC) in 1987, and Senior VP and the General Counsel of the Federal Home Loan Bank of San Francisco from 1987 to 1989, which regulated some of the largest thrift banks in the U.S.[2]"
http://en.wikipedia.org/wiki/William_K._Black
If you have an hour to spare, this is fascinating info and told in a simple, logical way that anybody can understand. This is Fraud 101. How to steal trillions and get away with it!
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