William K. Black Interview – Part 1 (11:11)
This has been a difficult introduction to write. Emini-Watch is, and always will be, about Emini Trading. My trading always suffers when I have an “opinion” about what should happen. In fact, some of my best trades happen when they feel wrong and go against my “gut”. The goal should always be unbiased interpretation of my indicators and following good setups and signals regardless of their direction.
That being said, I believe that important issues (that ultimately drive our markets) are being ignored:
- Too much leverage is allowed and too much debt has been accumulated
- Our political systems (particularly in the US) have been captured by Corporations
- Regulators are under-funded, under-skilled and allowing crimes to go unpunished
- Investigative journalism is dead and main stream media has been dumbed down
- Corporate financial statements and Government statistics are massaged, and
- There are huge vested interests in promoting the system and not “rocking the boat”
So, occasionally I’m going to post thought-provoking analysis that is not being picked up in the main stream media and deserves wider coverage. I’m going to do my small part in drawing attention to these issues and not “stand idly by”.
William K. Black (or Bill Black) knows what he’s talking about. He was Director of Litigation for the Federal Home Loan Bank Board (later re-named Office of Thrift Supervision) during the Savings and Loan crisis. He’s seen fraud by bank executives up close and estimates the current banking crisis is 30 times larger than that debacle.
“There are so many shoes yet to fall – it’s going to be like being in Imelda Marcos’s closet during an earthquake … If the greatest economic catastrophe in 80 years; if an epidemic of fraud by your top elites; if the corruption of your most senior professionals in accounting, law, appraisal and rating agencies isn’t enough to make you fundamentally reconsider and say ‘we are headed along a disastrous path’. What will it take? Because the next big one will be even worse.” William K. Black
Bill Black is a sane voice in the middle of all this madness. And “bravo” to Paul Jay and the Real News Network. They consistently bring out thoughtful analysis and great alternative media content.