60 Minutes: Fraud Caused Financial Meltdown, But There Have Been No Prosecutions

As we’ve repeatedly demonstrated, fraud caused the 1930s Depression and the current financial crisis, and there’s no recovery because the government made it official policy not to prosecute fraud (and see this, this, this, and this).

60 Minutes has just produced a hard-hitting 14 minutes segment on the widespread fraud leading up to the financial crisis, and the utter lack of prosecutions to date:

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  • John

    I see, in a crisis that Bill Black has termed some 70 times bigger than the S&L, they had to “look around” for fraud cases, and “found two.” Give me a break! They should have said, “in an ocean of fraudulent cases, we picked two at random. No more, becaause we would run out of air time, otherwise, we could have spent the next few years on televised case studies.” See Bill Black’s many interviews on YouTube, as well as Bill Moyer’s February interviews with James Galbraith at “Jesse’s Cafe Americaine.” Moreover, fraud wasn’t “one of” the main reasons for the 2008 crisis, it was The Reason, the underlying cause of the entire debacle. This is what Black and Galbraith make very clear. See also the numerous articles by Michael Hudson at michael-hudson.com.