Is Obama supporter during the 2008 campaign William K. Black, a professor of economics and law correct in his?
assessment of Obama's financial policies this far
"In an explosive interview on PBS' Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called "liars loans" could receive AAA ratings and zero oversight, amounting to a massive "fraud" at the epicenter of US finance.
BILL MOYERS: To hear you say this is unusual because you supported Barack Obama, during the campaign. But you're seeming disillusioned now.
WILLIAM K. BLACK: Well, certainly in the financial sphere, I am. I think, first, the policies are substantively bad. Second, I think they completely lack integrity. Third, they violate the rule of law. This is being done just like Secretary Paulson did it. In violation of the law. We adopted a law after the Savings and Loan crisis, called the Prompt Corrective Action Law. And it requires them to close these institutions. And they're refusing to obey the law.
Brian, the whole interview (28 minutes) does speak to government wrong doing as well
- 1 decade agoBest Answer
We Democrats support politicians whom we believe to be people of integrity as well as intelligence, but if they prove us wrong we are neither stupid or dishonest enough to turn a blind eye to their failings and/or crimes.
I have no doubt that Obama is still much better than McCain would have been, but I'm disappointed that Obama isn't as much of a change from corrupt Republicans like Bush and Cheney as he promised he would be.
- Anonymous1 decade ago
What can I write? After all, two obviously corrupt thugs named Bush II and Cheney the I exploited our country from every angle that they could for the past eight years... I am surprised that we aren't all pregnant.
Incidentally, Bush I and Cheney the I were both involved in DC, with Reagan and the same GOP, during the savings and loans crisis. Now, go figure.
- whimsyLv 61 decade ago
I don't agree with his logic, but the sentiment.
giving stimulus money to corrupt state governments is stupid. The Feds should have retained cradle-to-grave control of the money and how/where it was spent. Instead, political cronies in various states will reap the benefits...
- BrianLv 71 decade ago
I think he is substantially correct. He seems to be giving the government a free pass as far as their role in the financial crisis but otherwise I can't argue with this statement..
Edit: Alright, I didn't see the interview. As long as he acknowledged that there is some blame to be had by many entities then his argument is even stronger.
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- 1 decade ago
Yes. I've been reading a lot about this lately and agree with Black's assessment.
- Anonymous1 decade ago
Yes, many people were given loans who did not have the means to repay them. I am very glad that people who once supported Obama are rethinking that decision.
The collusion of government and business is not capitalism but fascism.
- AnarchistLv 71 decade ago
- 4 years ago
They will just turn on him like they do to all that fail to tow the line or speaks out against their anointed one.
- ak6702Lv 71 decade ago
Sounds like the rats are fleeing the sinking ship.