bill black, still not dead

Bill  Moyers had the intrepid Bill Black on tonight, and as usual Black lays out the entire financial crisis in clear and precise language without the slightest whiff of partisanship. And in no way minces any of his conclusions into the usual television conciliatory claptrap we’re all so stoned on. The man is a gift.

Click here to watch the interview


It’s occurred to me that what Black is describing here, with the emphasis on fraud as the universally accepted mindset of the financial elite, is that what they really had in mind was something akin to the infamous Nazi notion of the big lie. It’s pretty clear that all the insiders knew that what they were doing – was fraudulent – they also knew that as long as they were all doing it the net effect would be that no individuals could be singled out. And so therefore, the entire escapade it could only be thought of as some kind of accepted “conventional wisdom”. This sort of thinking is reinforced specifically when it’s thought of as conventional wisdom, in that conventional wisdom is so big in it’s implications and consequences, that it would be impossible to be thought of as  fraudulent. So it would seem, they were “to big to fail” primarily because what they did was “to big to be believed”. Until it all collapsed. And then they all went suddenly clueless.

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