If we put honest people in, who didn't cause the problem, their first job would be to find the scope of the problem. And that would destroy the cover up. …
Geithner is charging, is covering up. Just like Paulson did before him. Geithner is publicly saying that it's going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem. But they're allowing all the banks to report that they're not only solvent, but fully capitalized. Both statements can't be true. It can't be that they need $2 trillion, because they have masses losses, and that they're fine.
These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed, not because...
Finally, someone “mainstream” in the economics world who will go beyond even Krugman and call a spade a spade.
Read the whole interview transcript or watch the video to see the details of Black’s charge.
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