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"This crisis is all about fraud"

Straight talk about Fraudgate

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November 1, 2010

You may think that a nurse without an academic degree in economics would not be a good source of information about the ticking Debt Bomb that Wall Street lobbed into world financial markets in the last decade.

If you thought that you'd be wrong. Lisa Epstein offers what may be the clearest, to-the-point explanation of the astonishingly long chain of fraud behind the so called "mortgage-backed security" crisis I've heard.

Following her is Professor William Black who backs up her common sense analysis and points out that the current crisis is 1/40 the size of the Savings and Loan crisis of the 1980s. To put it another way, it's forty times larger.

Remember, while the Fed may have taken this "bad paper" off the books of a few banks, it's done nothing for the thousands of pension plans, colleges, foundations, local government accounts and other funds that were sold this garbage.

This stuff was sold as AAA paper and was sold by the trillions. It's everywhere.