Economist: US collapse driven by fraud, Geithner covering it up

The law has been broken and we the people need to hold these crooks accountable for their actions,fool me once shame on me,fool me twice shame on you.

This scandal must be unwound without fuelling a second revolution.

WILLIAM K. BLACK: --in Congress, to hold the necessary hearings. And we can blast this out. But if you leave the failed CEOs in place, it isn't just that they're terrible business people, though they are. It isn't just that they lack integrity, though they do. Because they were engaged in these frauds. But they're not going to disclose the truth about the assets.

BILL MOYERS: And we have to know that, in order to know what?

WILLIAM K. BLACK: To know everything. To know who committed the frauds. Whose bonuses we should recover. How much the assets are worth. How much they should be sold for. Is the bank insolvent, such that we should resolve it in this way? It's the predicate, right? You need to know the facts to make intelligent decisions. And they're deliberately leaving in place the people that caused the problem, because they don't want the facts.

Deeply disturbing, a very corrupt America. The masses need to see this and see what this country, The United States has become.

I would tend to believe that the majority of blame belongs on the deregulatory Republicans and GW Bush.refusing to replace 500 FBI agents after 9/11 to keep an eye on fraud.  The entire time Bush was in office I knew there was no way the economy could be doing as well as the stock market seemed to be saying it was. Now we know why, it was all a ponzi scheme. What a surprise.

This is bipartisan global corruption. He who blames one side, fails to grasp the scope of the problem.

As Einstein once wrote, “Never expect the people who caused a problem to solve it.”
Unfortunately, it really is as concluded in my articles, amongst others:
‘This economic crisis ends in depression’

Once in charge they all cover-up their predecessors. It is astonishing that no competent staffs are implemented, neither by Mr. Obama who went on the ticket for CHANGE.

Meanwhile, I probably do understand why: It is a tight clique the one that speaks outside their boundaries is eliminated. Just fear might be the reason.

As concluded in: Another Trillion Dollars for toxics: Hank Paulson under Bush and Tim Geithner under Obama both of different parties act in the same way! A bunch incompetent treasures, to my opinion.

http://my.nowpublic.com/world/another-trillion-dollars-toxics

This game went on for the last 20 years and I carefully have followed all these developments. Once mentioned at the level of responsible Authorities, the door went shut.
Of course it is a Ponzi scheme, I may refer to my recent articles about this subject.
I feel myself a kind of Don Quichotte hunting windmills! But thanks to nowpublic I found an outlet valve. Hope we can mobilize more and sufficient public opinion to undertake the necessary CHANGE.

The U.S. is a Ponzi Nation
http://my.nowpublic.com/world/u-s-ponzi-nation

Good initiative, see my comment below, thanks PIM

HAH! This is the most corrupt administration I have seen in my lifetime. Even Black, who campaigned for Obama says it. We are being run by investment bankers, hedge funds, lobbyists, and fat cats who paid for their election, who care little for "we the people".

WILLIAM K. BLACK - "There are lots of things we can do. Even today, as late as it is. Even though they've had a terrible start to the administration. They could change, and they could change within weeks. And by the way, the folks who are the better regulators, they paid their taxes. So, you can get them through the vetting process a lot quicker."

But will they change, and do they have the WILL to chane? Only if we taxpayers are able to mount a tremendous pressure, bear in mind they all are yes-sayers!

Get rid of Obama...Geithner, and all the people who caused and are covering this up.  Obama should be ashamed of himself.....I will never believe he does not know.. If I have known for all these years...and I am no Government official, how is it...these liars can go on taking us to the cleaners? Interesting Obama the first black President and first Impeached.

Rev. Jermano

So, let's see.. Bush attacked the Constitution for 8 years, transformed the Presidency into a virtual Monarchy, allowed massive deregulation, as Republicans always do, and after 2 months of trying to fix the Bush engineered Depression economy, you people actually try to pin it on Obama. Truly amazing.

Read my original post. It is a bipartisan issue but you seem to have had your brain washed and are in denial.

Rory your are right the scale of the problem is tremendous. But who ever is in charge it doesn't make a difference. We need capable managers-entrepreneurs-turn-around specialists and so on. If Obama does not realize that he has the wrong crew employed his Presidency is lost, (and we the people too) that I do agree with djermano. Obama went on the ticket for CHANGE but he doesn't make the change so far.

Again this is not an economic recession but an economic depression, worse than the one of the 1930s!

More like an economic tsunami.

So, let's see.. Bush attacked the Constitution for 8 years, transformed the Presidency into a virtual Monarchy, allowed massive deregulation, as Republicans always do, and after 2 months of trying to fix the Bush engineered Depression economy, you people actually try to pin it on Obama. Truly amazing.

It was more than Bush...it was also the Republican Party and Democrats like Pelosi who supported his disasterous administration.....I am telling you that if Obama meant change...why does he have Bush people running his administration?  He is a liar... Better yet...he has pinned the Bush policies to his shirt sleeve, so he can review them daily....and keep them intact.

They better do something, before the people start killing each other because of no money, and jobs to do things...

Rev. Jermano