S&L Crisis Regulator on PBS

I found this interview with William Black on PBS very interesting:

The interview follows from this basic assertion:

[quote]BILL MOYERS: I was taken with your candor at the conference here in New York to hear you say that this crisis we’re going through, this economic and financial meltdown is driven by fraud. What’s your definition of fraud?

WILLIAM K. BLACK: Fraud is deceit. And the essence of fraud is, “I create trust in you, and then I betray that trust, and get you to give me something of value.” And as a result, there’s no more effective acid against trust than fraud, especially fraud by top elites, and that’s what we have. [/quote]
Black articulates what a lot of people on this and other forums have stated, but what the mainstream media seems loathe to cover: the view that the USG, both under Bush and now Obama, has done nothing but prop up zombies in the finance sector, and that it will result in nothing other than a Japanese-style “lost decade” (though likely longer than a decade).

I think a lot of people understand how messed up the finance sector and the general economy are, but I think most don’t grasp how stupid the government’s response has been.