Prof. Bill Black, former S & L regulator, returns to talk about Obama’s failure to prosecute fraudsters; Jimmy McMillen of Rent is Too Damn High party offers colorful and weird comments on the Wall Street protests; Will Durst reminds the banksters: it’s MY money!
Black is currently an Associate Professor of Economics and Law at the University of Missouri-Kansas City in the Department of Economics and the School of Law. He was the Executive Director of the Institute for Fraud Prevention from 2005-2007 and previously taught at the LBJ School of Public Affairs at the University of Texas, and at Santa Clara University. 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 Black is the author of, among others, The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry, 2005. He takes on Attorney General Holder and the US Attorney in Sacramento for failing to investigate and prosecute financial crimes, and points out that more than 1,100 people were convicted in the 1980’s. He applauds California Attorney General Kamala Harris for withdrawing from the paltry $20 billion settlement offered by the banks to buy immunity.
At 40:35, Jimmy McMillen joins us for a rapid-fire ramble over economic populism. When he doesn’t like the question, he says it’s the wrong question; when he doesn’t like my opinion, it’s because I’m old and out of touoch, and he is channeling the views of young people. McMillen understand the problems to some extent, but his ideas of solutions are just wacky.
At 1:06:50, Will Durst delivers a priceless rant about Bank of America’s plan to penalize its customers for the timid Dodd-Frank bill by charging debit card users $5 a month.