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Ex-Financial Regulator William Black — Austerity is Sinking Economies From Europe to U.S.


Ex-Financial Regulator William Black -- Austerity is Sinking Economies From Europe to U.S.

Ex-Financial Regulator William Black — Austerity is Sinking Economies From Europe to U.S.

White-collar criminologist and former senior financial regulator William Black addresses the grassroots reaction to austerity measures in Europe — from the “Indignados” movement in Spain to the anti-bailout elections in France and Greece — as well as in the United States, where the Occupy movement is re-emerging as the presidential campaign gets into full gear. “Finance is supposed to simply be a middleman to help the real economy,” Black says. “It in fact now completely dominates and is a parasite on the real economy. German austerity has pushed the entire Eurozone into recession, and the periphery into [a] Great Depression-level of unemployment. The same arguments are being made in the United States and are used as a pretext to try to destroy a Social Security, Medicare, and Medicaid. It is economically illiterate, but politically attractive.” [Transcript to come. Check back soon.]

Filed under  Financial Meltdown
 
Guest:

William Black, author of the book, “The Best Way to Rob a Bank is to Own One.” He is Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is also a white-collar criminologist and former senior financial regulator.