Bill Black

To a hammer, every problem looks like a nail. It’s so true.

I’d really like to talk to Bill Black, who is kind of prominent in the economics field and is also a lawyer.  But alas, he’s that other kind of lawyer – a prosecutor.  He’s looking for someone to prosecute, which is what he did in the 1980’s S&L crisis, and he laments that we don’t have a big prosecution fest going on right now.

It never seems to occur to him that all that prosecuting he did in the 1980’s and 90’s…..did little or nothing to stem the tide of finance “industry” corruption.  Indeed we have in the time since simply lurched from one “crisis” to the next with less and less breathing room in between, even as the severity of the corruption has deepened.  Putting people in prison has solved nothing.

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5 Comments

Filed under financial crisis, Striking lawyers, wrongful convictions

5 responses to “Bill Black

  1. That’s an excellent link. He and I would have large areas of agreement, but I still think he’s not asking himself one really tough question: the Office of Thrift Supervision may have made 30,000 criminal referrals in the 80’s/90’s resulting in 3,000 convictions, but so what? Things just proceeded to get worse. You can’t blame “de-regulation” in 2003 for, say, the Long Term Capital Management near global meltdown of 1998.

    He still needs to talk to me.

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  2. Things continued to get worse because we had an Alan Greenspan-inspired theoclassical mindset becoming ever more pervasive in the USA and beyond. Under Clinton we saw the final dismemberment of Glass Steagall and under Bush we saw the culmination of decades of defacto decriminalization – as “regulators” (generally industry lobbyists) were appointed who had no interest in regulation or supervision. In the long term, rule of law is one basic necessity for both financial stability and functioning democracy. What we are seeing is fundamentally undermining a basic tenet of our society; justice is not supposed to be the prerogative of policy makers – but Geithner et al have chosen to block investigations. That only serves individuals who engaged in wrongdoing. We all will suffer because of it.

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    • Saw your blog. Good stuff. Put you on the blogroll. That may or may not be something you would desire. If not let me know.

      Maybe you and I should talk sometime. You know Bill Black?

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