IMHO, He explains well the general principle, but the anatomy of the 2008 meltdown was a bit different, in the words of the MBA, massive fraud triggered it but the system per se was rigged to fail, the LB was a parallel case so to say, in the cusp, of the MBS debacle, triggered by massive unemployment mostly. Which shows the current unemployment and inflation metrics suck, and so the monetary paradigm in which the USA stubbornly wants to continue. I understand a large bout needs room to maneuver!? With WT and everybody producing everything, is natural a glut, not even trade wars can do much about it... We have to get used to slow growth, and even negative growth, is not negative reference rates that are going to fix it, it is more likely QE, and rates and maturities navigation. Unemployment, raise the floor for those in need, and suck up that glut, by investing in human resource formation, that is the only path to sustainable capital formation, the low hanging fruit days of cheap labor are over. in the mining sector for example, when demand is low, people invest in new equipment, and borrow more, if there is not a major shift in price!
I could listen to these two talk for days. I knew some of it cuz I lost my home & what I found out later made me furious. I'm even more so with each revelation.
Lakoff hates the term 'Liars Loans' because it rereferences the borrowers being at fault every time it is mentioned... It needs to be reframed as NO DOC loans, meaning that the banksters ABROGATED every underwriting standard in existence.... People are still blaming the underclass for wanting to get more than is due them and the poor banksters were forced to give them the money...... THIS NEEDS TO BE CORRECTED and BILL BLACK and the WBU is the best means to do this.... only thing is that LAKOFF needs to review and update the terms so that the BANKSTERS GET CREDIT FOR ALL THREE FRAUDS.....
The book was written a long time ago, it was made into a movie and we're living it. Unfortunately our species is SL (slow learners) so the happy ending is turning into a tragedy.
Take a close look at the 1929 stock market collapse and it soon comes to light that the USA was responsible for the subsequent depression of the 1930's which spread world wide. This makes the USA a direct contributor to the carnage of World War Two which followed the depression a decade later. It is time that we the people institute an income cap and a total accumulated wealth cap on every individual, also restricting family gifting of money, inheritance wealth and offshore tax havens. Myself (57 years old) and my eldest daughter (29 years old) performed a thought experiment last weekend, what we arrived at is a accumulated wealth cap of 50 million dollars and an annual income cap of 1.75 million dollars per family. That is more than enough money to live a life of the utmost luxury, yet not enough for individuals to affect the political landscape or to have undue influence on national or world economy. Earn more than that by all means yes, the excess after the cap will be taxed away to flow back into the society from which the wealth originated.
It seems those at the top whether republican or democrat, really don't want to eradicate white collar crime. It's where the most money can be made, the quickest and easiest.
When I apply for a new credit card, I lie on the application and say I make more than I really do. Otherwise, I get denied the credit card application. So credit card companies give out liar loans too.
"So the first dynamic is that liar's loans were not new. The 2008 crisis was actually a continuation of the Savings&Loan debacle." BINGO!!! The "lessons learned" from the S&L debacle of the mid- to late-eighties were ultimately used by the banking industry at large to identify and exploit loopholes in the regulatory system.
The liars loans can also be associated with tax evasion, banker move their ledger globally to dodge the fiscal calendar, they so shift profits into liabilities.
This stuff is still too painful to hear again. It sits uncomfortably in my brain cells. What will it be in 2019? I'd say the looming deficit spending of Baby Boomers. ..plus EM world debt...and Corporate debt. Any or all, place your bets now.
I’m so fucking depressed. I can’t believe the amount of people that will do anything for 💵. Our species is on the way out and over a cliff. It’s no wonder some people think some humans are lizards in disguise.
First question included the phrase 'the financiall crisis that America faced...' should have included the phrase 'the financial crisis that America CAUSED...' Should it not?
I'm More all my life technical, electronics, engineering Silicon, programming some solar controller's, past Silicon valley, Sony, Ampex corp. . broadcast Eng. Manhattan Nyc, 5 yrs, Ca. another 5 yrs.. Great good other's memory's, miss all the Good guy's...useful products,, yes, lol, when i was younger, a clean,good money study of life, science is cleaner then financial not honest Math, now i retired i read too much banker stuff destroying the world, over and over again,, I missed my technical field, miss he 60's- 70's Quality life,, now I retired 64 now,,,New horizons forward clean for me... But appreciate Bill Black, Glad i found good English stuff, pronouns/ad verve's ..lol
Bill Black is brilliant in his explanation. I am always drawn to what he has to say.
Get this program/report out to the people in every way possible. This is incredible. How many people have heard of any of this?
The best, simplest and most comprehensive overview I've seen heard or read.
IMHO, He explains well the general principle, but the anatomy of the 2008 meltdown was a bit different, in the words of the MBA, massive fraud triggered it but the system per se was rigged to fail, the LB was a parallel case so to say, in the cusp, of the MBS debacle, triggered by massive unemployment mostly. Which shows the current unemployment and inflation metrics suck, and so the monetary paradigm in which the USA stubbornly wants to continue. I understand a large bout needs room to maneuver!?
With WT and everybody producing everything, is natural a glut, not even trade wars can do much about it... We have to get used to slow growth, and even negative growth, is not negative reference rates that are going to fix it, it is more likely QE, and rates and maturities navigation. Unemployment, raise the floor for those in need, and suck up that glut, by investing in human resource formation, that is the only path to sustainable capital formation, the low hanging fruit days of cheap labor are over.
in the mining sector for example, when demand is low, people invest in new equipment, and borrow more, if there is not a major shift in price!
Give a man a gun and he can rob a bank
Give a man a bank and he can rob the world
And they do
The BEST way to Rob a bank is to OWN one...
Give me a gun so I can kill myself
Come on, if you guys are so bloated why don't you just fart a relax like everyone else, the wind will take it away!... No life taking!?...
@@alexb8560 Help us fight back!
Thanks The Real News Network, thanks Bill Black!
Thanks for this. US Corporate Media fails us.
Chuck Kesner
TY Bill you lay it out so well, I wish I'd had you as a prof
Excellent content. Captain Birdseye certainly knows his stuff.
Love Dr. Bill Black
They were NOT "Miss-steps".
I could listen to these two talk for days. I knew some of it cuz I lost my home & what I found out later made me furious. I'm even more so with each revelation.
im sorry about your home Katie .. hugs from Canada :)
Bill Black should be head of Treasury with Stephanie Keller his Deputy Secretary...or vice versa..#MMT
You meant Stephanie Kelton!?... Right!?...
This is very informative. Just 20 minutes of it. How wonderful? Thanks
Lakoff hates the term 'Liars Loans' because it rereferences the borrowers being at fault every time it is mentioned... It needs to be reframed as NO DOC loans, meaning that the banksters ABROGATED every underwriting standard in existence.... People are still blaming the underclass for wanting to get more than is due them and the poor banksters were forced to give them the money...... THIS NEEDS TO BE CORRECTED and BILL BLACK and the WBU is the best means to do this.... only thing is that LAKOFF needs to review and update the terms so that the BANKSTERS GET CREDIT FOR ALL THREE FRAUDS.....
14:21 You have to laugh to keep from crying.
YOU CANT TRUST ANYONE ANYMORE
Greed, fraud and deception the American way.
Sounds like a great title for a great book. You should get on that.
The book was written a long time ago, it was made into a movie and we're living it. Unfortunately our species is SL (slow learners) so the happy ending is turning into a tragedy.
Sad , but true ! This comes from our leadership . Most people are sheepish followers .
I agree...and am not from the US...but what country is not built on those? The state is the ultimate tool of oppression.
Thanks again Bill!
Take a close look at the 1929 stock market collapse and it soon comes to
light that the USA was responsible for the subsequent depression of the
1930's which spread world wide. This makes the USA a direct contributor
to the carnage of World War Two which followed the depression a decade
later.
It is time that we the people institute an income cap and a total
accumulated wealth cap on every individual, also restricting family
gifting of money, inheritance wealth and offshore tax havens. Myself (57
years old) and my eldest daughter (29 years old) performed a thought
experiment last weekend, what we arrived at is a accumulated wealth cap
of 50 million dollars and an annual income cap of 1.75 million dollars
per family. That is more than enough money to live a life of the utmost
luxury, yet not enough for individuals to affect the political landscape
or to have undue influence on national or world economy. Earn more than
that by all means yes, the excess after the cap will be taxed away to
flow back into the society from which the wealth originated.
Bill, please write a sequel to your book.
It seems those at the top whether republican or democrat, really don't want to eradicate white collar crime. It's where the most money can be made, the quickest and easiest.
Bills laughing fit is contagious . And Bill its ho ho ho
He’s the Santa Clause of white-collar criminologists. Ho, Ho!🎅
NO, I'm not overspending money
I'm *courageously* giving it out.
When I apply for a new credit card, I lie on the application and say I make more than I really do. Otherwise, I get denied the credit card application. So credit card companies give out liar loans too.
"So the first dynamic is that liar's loans were not new. The 2008 crisis was actually a continuation of the Savings&Loan debacle." BINGO!!!
The "lessons learned" from the S&L debacle of the mid- to late-eighties were ultimately used by the banking industry at large to identify and exploit loopholes in the regulatory system.
Santa has a Day Job...
I just call him Santa
very good Analysis.
Ayn Rand 'groupie' is not a good description of the ideology of the Fed/Regulator complex.
Criminal co-conspirator is more accurate.
The liars loans can also be associated with tax evasion, banker move their ledger globally to dodge the fiscal calendar, they so shift profits into liabilities.
This stuff is still too painful to hear again. It sits uncomfortably in my brain cells. What will it be in 2019? I'd say the looming deficit spending of Baby Boomers. ..plus EM world debt...and Corporate debt. Any or all, place your bets now.
I like.
It's funny,,,but it's no damn joke....
wheres the next segment?
At least you can laugh about the devastation that never harmed you guys. 😂😂😂😂 So funny!
I’m so fucking depressed. I can’t believe the amount of people that will do anything for 💵. Our species is on the way out and over a cliff. It’s no wonder some people think some humans are lizards in disguise.
First question included the phrase 'the financiall crisis that America faced...' should have included the phrase 'the financial crisis that America CAUSED...'
Should it not?
Go (#MMT) team!
Good vid. My question would be why bother to reform capitalism, when any reform is undone by the rich over time. Today is a repeat, not a novelty.
becoming quite mad
Flip the Bird to the banksters by buying Bitcoin.
Cataclysmic OffSET! is more like iit
Does the old man has a Twitter account?
I'm More all my life technical, electronics, engineering Silicon, programming some solar controller's, past Silicon valley, Sony, Ampex corp. . broadcast Eng. Manhattan Nyc, 5 yrs, Ca. another 5 yrs.. Great good other's memory's, miss all the Good guy's...useful products,, yes, lol, when i was younger, a clean,good money study of life, science is cleaner then financial not honest Math, now i retired i read too much banker stuff destroying the world, over and over again,, I missed my technical field, miss he 60's- 70's Quality life,, now I retired 64 now,,,New horizons forward clean for me... But appreciate Bill Black, Glad i found good English stuff, pronouns/ad verve's ..lol
hmmmmmmmmm
But but but Russia got trump elected🤔
Ayn Rand.! HAAAAAAAAAAAAAAAAAAAA what a ScrewBall!
OMG STOP LAUGHING STEINER! Professor Black is not here for your amusement! WE are not here for your amusement! LET THE MAN TALK!!!!
This guy needs to stop laughing in videos. It's super unprofessional and takes away from his points.
lcrooks69 I don't have a problem with it. I find it quite relaxing actually.