Who Wrecked the World's Economy?

Here's a snippet from Bill Moyer's recent interview with William K. Black:


*BILL MOYERS:* Yeah. Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong?

*WILLIAM K. BLACK:* Absolutely.

*BILL MOYERS:* You are.

*WILLIAM K. BLACK:* Absolutely, because they are scared to death. All right? They're scared to death of a collapse. They're afraid that if they admit the truth, that many of the large banks are insolvent. They think Americans are a bunch of cowards, and that we'll run screaming to the exits. And we won't rely on deposit insurance. And, by the way, you can rely on deposit insurance. And it's foolishness. All right? Now, it may be worse than that. You can impute more cynical motives. But I think they are sincerely just panicked about, "We just can't let the big banks fail." That's wrong.

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Ever wonder why the banks had to be saved? Read on.