Occupy Wall Street's William Black: Building A Bigger Regulatory State ... Again

Systematically Ignoring Fraud as a Systemic Risk ... One of the most revealing things about this crisis is the unwillingness to investigate whether "accounting control fraud" was a major contributor to the crisis. The refusal to even consider a major role for fraud is facially bizarre ... Two of the nation's top economists' study of the S&L debacle led them to conclude that the S&L regulators were correct – financial deregulation could be dangerously criminogenic. That understanding would allow us to avoid similar future crises. Neither the public nor economists foresaw that [S&L deregulation was] bound to produce looting. – William K. Black, OWSnews.org


Dominant Social Theme: Fraud is endemic and I, William Black, with the help of Occupy Wall Street will root it out in order to perfect the greater American state. Once lawyers, prosecutors and the police are fully in charge, we will finally have prosperity and peace.

Free-Market Analysis: Attorney William Black, about whom we have written previously, is back with an article posted at OWSnews.org, the new website for the Occupy Wall Street movement, which has not-so-mysteriously sprung up as a billboard for various OWS news and views (see above excerpt).

In the article, Black basically repeats his call for massive investigations into Wall Street fraud. In doing so, he AGAIN cites America's very own STASI, (the FBI) approvingly. He is also, apparently, a big fan of the US penitentiary-industrial complex, with its expanding gulag of virtual slave laborers.

Ironically Black's dislike of "deregulation" does not extend to the regulatory state's "privatization" of its ever-expanding gulag of slave-laborers; here, he remains silent.

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