asterisk2a + greatdepression + foreclosure   1

Fraud Caused the 1930s Depression and the Current Financial Crisis | zero hedge
Professor William K. Black writes:

The original Pecora investigation documented the causes of the economic collapse that led to the Great Depression. It ... established that conflicts of interest and fraud were common among elite finance and government officials.

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James Galbraith recently said that "at the root of the crisis we find the largest financial swindle in world history", where "counterfeit" mortgages were "laundered" by the banks.

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The decisive role that "accounting control frauds" played in driving the current crisis is clear. The FBI warned of an "epidemic" of mortgage fraud in 2004 and predicted that it would cause an economic crisis if it were not stopped. The mortgage lending industry's own experts reported that "liar's" loans were "an open invitation to fraudsters" and fully warranted their name -- "liar's" loans -- because fraud was endemic in such loans.
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HISTORY RHYMES.
fraud  USA  economy  gwbush  politics  FHFA  FBI  2010  greatrecession  greatdepression  economists  foreclosure  greenspan  alangreenspan  ZIRP  fiscal  policy  history 
october 2010 by asterisk2a

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