Bill Black, the former Director of the Institute for Fraud Prevention, now teaches economics and law at the University of Missouri, Kansas City, joins Alex on the Alex Jones Show to discuss his new book, "Banksters: Who's to Blame for the Financial Meltdown?"
00:00:00.000The Genesis Communications Radio Network proudly presents The Alex Jones Show.
00:00:06.000because there's a war on for your mind years ago you did a measure black and some of the best corporate fraud investigator one of the top investigators of after that heating cracks and others yes and i'll send they got memos or they were talking about we want him dead and things like that
00:00:33.000Now the Ponzi schemes are even larger and more dangerous and he has a lot of courage to be doing what he's doing.
00:00:39.000But I wanted to play a little clip from Bill Moyers because to see this on national television, not just on our local TV show or on a syndicated radio, I mean that's big to have Mr. Black on with us now talking about this, but to have it on Bill Moyers caused a huge buzz and people really started realizing what we were facing.
00:00:57.000...than Bill Black, the former director of the Institute for Fraud Prevention, now teaches economics and law at the University of Missouri, Kansas City.
00:01:05.000During the savings and loan crisis, it was Black who accused then House Speaker Jim Wright and five U.S.
00:01:11.000Senators, including John Glenn and John McCain, of doing favors for the SNLs in exchange for contributions and other perks.
00:01:20.000The Senators got off with a slap on the wrist, but so enraged was one of those bankers, Charles Keating, after whom the Senate's so-called Keating Five were named, he sent a memo that read in part, get black, kill him dead.
00:01:37.000Now he's focused on an even greater scandal, and he spares no one, not even the president he worked hard to elect, Barack Obama.
00:01:45.000But his main target are the Wall Street barons who are heirs of an earlier generation whose scandalous rip-offs of wealth back in the 1930s earned them comparison to Al Capone and the mob, and the nickname, Banksters.
00:02:18.000Okay, you've got the floor for the rest of the hour and I don't want to take much more time than that because I want you to be able to complete the interview that you've been gracious enough to do with us there in your offices.
00:02:28.000But my big issue that I'd like you to speak about first is The same crew, the same ideas have built Ponzi schemes many orders larger and instead of even getting in trouble, they're being seen as our saviors and offering even bigger Ponzi schemes as their solution.
00:02:49.000So, is this leading us to rack and ruin?
00:03:18.000Well, in layman's terms, the FBI began publicly warning in September 2004 that there was an epidemic, their word, of mortgage fraud.
00:03:31.000And they said, if this epidemic is not stopped, it will produce an economic crisis at least as large as the savings and loan debacle.
00:03:40.000And then they said, but of course, we've learned the lessons from the savings and loan debacle, and we'll be all over this one, so it won't cause those problems.
00:03:48.000Well, you know, they were right about the first two things.
00:03:52.000Obviously, they weren't even close to right about the third.
00:03:56.000The FBI has said something else immensely important.
00:04:00.000And that is that 80% of the mortgage fraud is induced by the lenders.
00:04:07.000So think about that in terms of, you know, taxpayer revolts and things like that.
00:04:13.000You shouldn't be focusing on the individual borrowers as much, at least, as you should be focusing on the big CEOs of these specialty places that, as you said, ran Ponzi schemes.
00:04:28.000In order to get extraordinarily rich through their bonus compensation systems.
00:04:34.000And then, you know, in many cases walk away, and in other cases remain there, still in control, and being subsidized by all of us as taxpayers right now.
00:04:46.000Now, you know, you talk about this being engineered fraud, or the term you use is this control fraud.
00:04:57.000Break that down, and then let's get specifically into the fraud we're witnessing right now.
00:05:39.000And so these folks were able to get clean audit opinions from the most elite accounting institutions in the world, even though the places were massively insolvent.
00:05:51.000They were, of course, able to get grossly inflated appraisals.
00:05:55.000from top appraisers, and they were able to get AAA, that's pristine, that's supposed to mean zero credit risk, AAA ratings from the top three rating companies in the world for stuff that was known in the trade as toxic waste.
00:06:14.000And that allowed them to sell trillions of dollars, well over two trillion dollars
00:06:25.000Now this has been described as a Ponzi scheme too big to fail and it's now a black hole and that the industry that engineered this understands that they can hold the population hostage and say just do whatever we say or we'll have a depression and then when we end up in a depression anyways from their activities they're going to be sitting there with all the assets.
00:06:56.000I don't know if people have seen Blazing Saddles, but the sheriff is surrounded by hostile town folks.
00:07:02.000He takes out his gun, points it at his own head and says, you know, don't move or I'll shoot.
00:07:07.000And that's essentially what these big banks are doing.
00:07:10.000They're saying, you know, give us unlimited amounts of money or we'll fail.
00:07:15.000And if we fail, we'll take down the entire economy with you.
00:07:20.000Why we would believe any of these people is beyond me.
00:07:23.000Why we would leave in charge people that are willing to make that kind of obscene extortion is absolutely beyond me.
00:07:34.000Now, specifically, from your experience, tell the listeners a little bit about who you've investigated in the past, what you've dealt with, and you're one of the leading experts, really, in the world on going after these types of frauds.
00:07:44.000But the difference here is, the media's not saying the Keating Five are bad, or the regulators were bad that let it happen.
00:07:50.000Instead, they're saying these are our saviors.
00:07:51.000So, is this new territory where they're just a blank check to do whatever they want?
00:07:58.000Now, the terrible shame about this This isn't simply a case of failing to learn from mistakes in the past.
00:08:05.000We've forgotten successes in the past.
00:08:09.000So during the savings and loan debacle, for example, we actually looked.
00:08:13.000God forbid, that would be a nice idea, wouldn't it?
00:09:31.000As a litigation director, I was suing the crooks.
00:09:35.000And as I said, unlike this crisis, we went after places like Lincoln Savings when they were still reporting they were the most profitable savings and loans in the country.
00:09:47.000We said, no, you're frauds, and went about trying to put them out of business.
00:09:51.000In the current crisis, the FBI did not even begin to investigate The big lenders.
00:09:59.000And remember, 80% of the fraud, according to the FBI, comes from the lenders.
00:10:03.000The FBI doesn't even begin to investigate them until March of 2007, when the entire secondary market in toxic waste shuts down.
00:10:15.000And of course, it's now two years later, and there is not a single significant indictment of any of these specialty frauds.
00:10:25.000And a whole chunk of these folks What they sold was known in the trade as liar's loans.
00:10:33.000Now how hard is it, as a prosecutor, as a regulator, to figure out that if the trade calls something a fraud, it's probably a fraud?
00:10:49.000How, for nine years, was he telling the SEC this was going on, and then when the SEC is asked about it, they say, oh, he's not guilty, or he hasn't pled guilty yet when he already had, and then they arrogantly, you know, declare executive privilege?
00:11:34.000Come back with our guest, William K. Black.
00:11:37.000He is a Associate Professor of Economics and Law at the University of Missouri-Kansas City School of Law and one of the head honchos that went after the SNL barons successfully during the 1980s.
00:11:54.000But now they're back with a vengeance and swallowing the whole world in a black hole of dead.
00:11:59.000Are you concerned for the safety of your loved ones?
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00:14:23.000He's fudged since day one in this election.
00:14:25.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascism.
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00:16:11.000But in your own words, both parties are bought and paid for by Wall Street.
00:16:15.000Obama got, what, four times Wall Street money McCain did.
00:16:18.000I'm not saying I was pushing McCain either.
00:16:21.000Obama's claiming he's fighting Wall Street when his whole administration, it seems, is filled with the very people that got rid of the Glass-Steagall Act and allowed this to happen from the 1990s.
00:16:34.000And, of course, the Bush people are willing accomplices as well.
00:16:37.000I mean, can you speak specifically to that?
00:16:42.000Clearly, the Rubin-Sommers-Geithner wing of economic advice in the Obama administration is very, very similar to Paulson's views.
00:16:59.000In other words, there really is not much of a difference at all between the two administrations In their view, there was broad bipartisan support for getting rid of the Glass-Steagall Law, for example.
00:17:15.000There was broad bipartisan support for destroying Brooksley Bourne's effort to regulate credit default swaps, which are the things that blew up AIG.
00:17:27.000And at AIG, the taxpayers have already lost more money than the entire savings and loan cost, debacle cost.
00:17:35.000And by the way, you know, AIG, we weren't on the hook.
00:17:38.000It's not a federally insured depository.
00:17:41.000That was gratuitous giveaway of taxpayer money.
00:17:45.000So this is a new level of Ponzi schemes, where they make hundreds of billions and trillions on the way up, and now, with the bailouts on their Ponzi scheme, they get even more money on the other side of it with the taxpayer on the hook.
00:17:58.000Well, this will only encourage more fraud.
00:18:00.000That's exactly what we're trying to get across.
00:18:03.000You do this type of thing, You encourage businesses to be even more abusive going forward, because they can do the most outrageous things, get incredibly wealthy through the bonuses doing them, and even when they cause disaster, they get new bonuses and more compensation paid by the taxpayers.
00:18:26.000It is a system, you know, the movie The Gods Must Be Crazy.
00:18:31.000It's got to be the theme for both administrations.
00:18:39.000I mean, they make money on building up the Pyramid Ponzi scheme, and then now, because they're in total control of both parties in the executive, legislative, judicial, to a certain extent, and they control the military and the police, and they control the media, and so it's crazy like a fox!
00:18:55.000I mean, they're making out like bandits!
00:18:56.000Oh, I don't say it's crazy from a banker's perspective.
00:18:59.000It's perfectly sensible from a banker's perspective.
00:19:02.000But from any politician's perspective, yeah, we can understand how much they get in the way of campaign contributions, but this is a superb way to get thrown out of office.
00:19:14.000It's a superb way to have your reputation destroyed and to have your integrity besmirched.
00:19:22.000Is it not a superb way, Professor Black, to also cause a Weimar Republic type situation?
00:19:30.000Well, I think that we'll stop short of Weimar this time, certainly, but if you keep this up, you will take, you know, by far the top nation in the world in a whole host of dimensions, and you will reduce it to another case of crony capitalism, where you have utter socialism for the rich, in the sense of the failed bankers, paid for by all of us.
00:19:59.000And that will be a very bad place to live in so let's all work together to prevent it from happening right let's turn this around now as opposed to waiting for it to become as bad as weimar wow that is You know, I try to explain that to people and they're like, it's liberal, it's conservative, it's socialism, it's fascism.
00:20:20.000And I'm like, no, this is corrupt pirates running inside scams, bankrupting everything, and then having the people pay for it.
00:20:29.000When Newsweek comes out and says we're all socialists now, isn't this, this is the opposite of socialism.
00:20:34.000This isn't them helicoptering money down on the people.
00:20:37.000This is helicoptering money to the offshore banks.
00:20:40.000Yeah, I mean, if you wanted precedent to be closest to National Socialism.
00:20:47.000I guess where they call it socialism, but really just give it all to the inner party?
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00:23:21.000He's fudged since day one of this election.
00:23:24.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascist.
00:25:10.000Okay, the limited time we have with William K. Black, top federal investigator of the SNLs, the Keating Five, helped send some of them to jail.
00:25:19.000and And they got memos out from Keating saying, we want to kill this guy, kill him dead.
00:25:27.000And a lot of folks ended up dying mysterious deaths, not just here, but in Australia, and BCCI, and Clark Clifford, and that whole CIA front.
00:25:37.000Mr. Black, Continuing here, I want to go back briefly and then get into who's culpable, what Geithner's up to, you know, how we stop him, because there's this key nexus point.
00:25:48.000As you point out, when you got Paulson, you got Geithner, it now comes out that even, you know, before Obama was elected and after he was elected, they were already working with Geithner on writing up the bailout, the banker takeover, when he was head of the New York Fed.
00:26:03.000And you've got the Chief of Staff, Emanuel from Wall Street, I mean, literally, it's this tight coterie, this group of people in there working together, Republicans and Democrats, like I've never seen before in modern history.
00:26:20.000But a lot of people email me and say, oh, don't bash Obama.
00:26:37.000The banker bailout is fairly bipartisan.
00:26:44.000It's wrong, not even so much, frankly, because of politics directly, as because of very, very poor creation of the plan, originally by Secretary Paulson, and then eventually with the assistance of Geithner when he was still president.
00:27:03.000of the Federal Reserve Bank of New York.
00:27:05.000This really wasn't compelled on them by the politicians.
00:27:09.000This is more, they are so tight with the industry.
00:27:12.000Paulson in particular, after all, is the guy who came from Goldman Sachs, had run Goldman Sachs before he became Treasury Secretary, had gotten Goldman Sachs into toxic waste.
00:27:26.000He's the guy that got them into trouble with toxic waste.
00:27:31.000Then he comes out And AIG is in trouble.
00:27:36.000He appoints a group to give him advice and he puts Goldman Sachs, his own firm, on the advisory panel when it has a massive conflict of interest because AIG owes it billions and billions of dollars.
00:27:54.000They advise Paulson to use, first to bail out AIG and then to secretly Bailout favored banks, and in particular Goldman Sachs.
00:28:07.000Goldman Sachs got $12.9 billion, the biggest single recipient of taxpayer money, through this kind of bailout.
00:28:17.000And then both Paulson, and then it continued under the Obama administration, Geithner, tried very hard to make sure that we the public would never learn That our taxpayer dollars had done that.
00:28:33.000What changed that, and this is why people should not give up, was political pressure from Congress.
00:28:40.000And political pressure not on the administration, which was, you know, let it roll off its back like a duck, but political pressure on AIG.
00:28:54.000Not a penny more of taxpayer money It goes to AIG until we know how the money has been used.
00:29:02.000And that's pressure on AIG is the only reason we know about the Goldman bailout, or that the fact that $50 billion roughly of US taxpayer money went to bail out foreign banks.
00:29:26.000That at the same time we were bailing them out secretly with 5 billion dollars, the US government tells us that UBS was involved in defrauding the taxpayers of America.
00:29:40.000We hit them with a huge fine in a settlement of 780 million dollars.
00:29:58.000Yeah, we're paying them to steal from us, and you've got Bloomberg's reporting $12.8 trillion committed, and that's almost the gross domestic product of the country.
00:30:10.000Am I right in saying this is the biggest fraud in history?
00:30:44.000And it led to many of the statutory changes that for 50 years worked so successfully in America Until Wall Street, you know, finally got enough political juice to get rid of the laws right near the end of the Clinton administration.
00:31:05.000Now on record, it was the Clinton people with the Republicans in tandem in the 90s that gutted most of this, and then George W. Bush was a happy participant in the run-up to what we see now.
00:31:23.000And in your own words, is this not a complete hijacking of our entire economy by Wall Street?
00:31:31.000Well, yes, I can't speak to that directly, and yes, it was at the, they were at the beck and call of the industry.
00:31:39.000The laws passed by overwhelming margins, but this was very much a Rubin, Summers, and Phil Graham working together special to get rid of Glass-Steagall.
00:31:54.000And then the shutting down of Brooksley Bourne when she was trying to regulate these credit default swaps that destroyed AIG, that again was Summers and Phil Graham working together.
00:32:14.000They not only passed a law that stopped her particular proposed regulation, The law said you can't regulate to protect the taxpayers at all.
00:32:29.000So they are legislating protection of crime.
00:32:35.000For people that don't understand, can you explain what toxic... I mean, for those that may not be able to grasp it or who've heard it bantered around in the media but don't, you know, get exactly what it is, can you explain what these toxic, toxic waste assets are?
00:32:50.000I mean, am I right in saying they're just Fiat, fraudulent, Ponzi scheme, mining stock in Arizona type, you know, crud, that they then have big insurance companies certify, and then that becomes another toxic layer of debt.
00:33:07.000Those certifications are then traded, and then how many layers in the pyramid, you know, as they nest, like Russian dolls, these frauds within each other.
00:33:20.000I mean, this is This is the biggest, I mean, to my mind, it's just such a ridiculous scam on its face.
00:33:28.000It isn't typically mining stock, you know, fake mining stock.
00:33:33.000It was typically what we call subprime or liar's loans, what we call the underlined.
00:33:41.000And that means, as it became in truth in 2006, 2007, Lending to folks where a very substantial number of people were going to default on the mortgages.
00:34:12.000And then you did create lots of elaborate, we call them financial derivatives, on top of them, some of which took the form of supposedly being insurance.
00:34:23.000They used the language of insurance, but in reality they were just pretty much open guarantees.
00:34:29.000That's what credit default swaps are in reality.
00:34:34.000And you're right that that not only layered, but if you think about it like those kids' games where you try to stack things on top of each other?
00:35:07.000I mean, President Obama was asked at press conference now this is about six weeks ago and he said well you know hardly any banks are in trouble and he was asked well good are you going to close the ones that are oh no no we're not going to close any large banks well what happens when you give people immunity in advance it causes recklessness uh At best.
00:35:34.000Recklessness on a good day, outright fraud on most days.
00:35:39.000So can you describe this then, if it's not even a Ponzi scheme that's meant to fail now, then what is it?
00:37:13.000You're saying that, I mean, just on record, That the people that remove these laws, because I remember seeing Senator Dornan and others say this was going to happen on the floor, but he was against it.
00:37:28.000They knew from setting it up, from running it up to running it down, they fully knew, and this was premeditated.
00:37:40.000I'm telling you that in the trade, everybody knew that if you made something called a liar's loan, It was because they were frauds, overwhelmingly, and that it was going to produce a disaster.
00:37:54.000Now, Congress, of course, is paid not to know, right?
00:37:57.000The bankers don't go in front of Congress and say, hi, we want to produce a disaster.
00:38:04.000They tell Congress, hey, we have this wonderful new thing, financial derivatives, and everybody, which is to say us, you know, on Wall Street, says this is the greatest thing Since sliced bread, right?
00:38:19.000And everything's going to be wonderful.
00:38:21.000And, and we need it because unless we have it, we can't compete with the German massive, what are called universal banks that can do anything.
00:38:31.000So we have to get rid of every protection we've ever put in place in the United States so that our big banks can compete with their giant banks.
00:38:44.000But obviously, somebody in Congress before knew it was bad, or it wouldn't have been illegal previously.
00:38:49.000Well, yes, because we did an investigation and we found the facts.
00:38:53.000So, I urge your listeners to join us in demanding an investigation of what caused the problem, and of course, that we then fix the problem as opposed to ignore it.
00:39:08.000We did fix it after the Great Depression, and it worked for You know, a whole two generations of Americans.
00:39:16.000Alright, well we're going to get into solutions in the final segment coming up, but I also want folks to get your book, The Best Way to Rob a Bank is to Own One, by our guest, William K. Black.
00:39:25.000But, Mr. Black, specifically, you've been very critical, even though you were a supporter of Obama, of Geithner and others.
00:39:32.000Specifically, what has Geithner been up to?
00:39:35.000I mean, isn't he a central figure in all of this?
00:39:38.000Absolutely, and he makes it absolutely clear that Obama in this category, finance, was continuing the Paulson policies, because Geithner was Paulson's right-hand man.
00:39:54.000And you would have thought that would have disqualified him, but for some reason that was viewed as a positive by the Obama administration.
00:40:02.000And so he was not only kept on, he was promoted to Treasury Secretary.
00:40:07.000And of course he's continued these policies and in some ways he's actually made them worse.
00:40:13.000And that's saying something because the Paulson policies were horrific.
00:40:20.000And then Obama comes out and says, I'm fighting the CEO bonuses, and then it turns out he wrote the executive order and told Senator Dodd to write the loophole in the stimulus package.
00:40:34.000I mean, that is a new level in arrogant lying.
00:40:39.000Well, and it's not just that, because the press reports also show that Treasury is currently working behind the scenes With Wall Street to try to exempt them effectively from even the existing laws that were passed in part over the opposition of the Obama administration.
00:41:01.000In the stimulus bill, and this again, but you know, don't give up folks.
00:41:06.000In the stimulus bill, there was a revolt among Democrats.
00:41:12.000And in complete opposition to what President Obama wanted, They put some restraint on bonuses and compensation into the stimulus bill.
00:41:23.000But of course, as I said, the reports are that the Obama administration is now trying to work with Wall Street to help evade those restrictions.
00:41:32.000We need to re-energize both sides of the aisle to stop this.
00:41:39.000Mr. Black, what does it mean when they do these stress tests to the banks, and then say to the banks, don't tell the public what we found, and then it leaks that the banks are really in dire situation?
00:41:51.000Oh no, it doesn't leak that they're really in dire situation.
00:41:54.000They're busy leaking the propaganda that everything's wonderful.
00:41:58.000And it's being picked up uncritically in places like Bloomberg and the New York Times.
00:42:05.000The stress tests are a sham, and I've said that.
00:42:08.000You know, people can go on the web, sites like Naked Capitalism, and see excerpts of my reasons why it's a sham.
00:42:16.000I predicted in advance it would be a sham, and it's obviously proven to be a sham.
00:42:21.000That's my next question, and we're about to break.
00:42:23.000Where can people find the body of your work?
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00:44:22.000He's fudged since day one in this election.
00:44:25.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascism.
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00:46:03.000From his Central Texas Command Center, deep behind enemy lines, the information war continues.
00:46:10.000It's Alex Jones and the GCN Radio Network.
00:46:15.000That's right, there is a war on for your mind, and we have somebody who's a great captain for Liberty in the fight to get people to open their minds and wake up.
00:46:24.000William K. Black, author of The Best Selling, wrote it three, four years ago, and it's best seller again, because he predicted everything that was going to happen.
00:46:32.000The best way to rob a bank is to own one.
00:46:36.000Because if we don't turn this around, you know, that's the big question, sir.
00:46:39.000If we don't turn this around, and they just continue the Ponzi schemes that are now getting Galactic in size, where is this leading us?
00:46:52.000Well, you can already see where it's been leading, right?
00:46:54.000The savings and loan crisis, it was a miracle it was contained when it was because the political pressure there was even more severe than you had here.
00:47:06.000But you turned out to have this incredibly brave regulator, Ed Gray, who took on his own administration, took on Wall Street, Uh, and succeeded, uh, brilliantly.
00:47:18.000But there's been nobody like that in this crisis.
00:47:21.000So, you had the savings and loan at about $150 billion.
00:47:24.000Then you go over to Russia, and they tried out these ideas of Russian privatization.
00:47:29.000And it produced massive corruption and the rise of a few very, very rich multibillionaires.
00:47:37.000Uh, many of them connected with organized crime.
00:48:07.000Ten years of stagnation and incredible corruption and giveaways To the biggest, you know, their version of Wall Street, and what has happened politically, who's getting elected in Latin America?
00:48:21.000You know, people that now intensely hate capitalism and America in reaction.
00:48:30.000Well, we didn't learn any of those lessons from any of those crises, so we're currently in this one, and this one is big enough that it's global, and it's going to be the most severe recession In the lives of anybody under the age of 80.
00:48:46.000We can't afford to repeat it because you don't just repeat as I've been trying to get across.
00:48:53.000When you don't fix it, it doesn't just repeat, it comes back much worse.
00:48:58.000Okay, we're going to get to solutions in the final segment coming up in a moment, but Madoff, you talk about organized crime, it's now in the Times of London and the Associated Press, I'm sure you've seen it, that Cuomo's going after one of Madoff's managers, and they're saying they believe there's organized crime, drug money, laundering going on.
00:49:17.000In all of the really big frauds, you're going to find the other thing we haven't talked about, and that is the role of the offshore stuff.
00:49:27.000Which is like UBS, we were talking at the giant Swiss bank, where very, very wealthy people evade taxes by putting their money in these tax havens, and that always leads to wide-scale corruption.
00:49:45.000And doesn't it lead to selective enforcement, though?
00:49:47.000I mean, we see Geithner and all of them saying they're going to go after this, but then when you read the fine print, it's selectively, and that's what the Caymans and the Virgin Islands and the Swiss are saying.
00:50:03.000In other words, if you look, in the Bush administration, what's particularly terrible on this It largely reoriented its enforcement against poor taxpayers in a way for rich taxpayers.
00:50:18.000Actually, what we're trying to do on UBS might reverse that a bit.
00:50:25.000I remember seeing the numbers where they took almost all the FBI agents off the billionaire swindlers and put them on blue collar and white collar, you know, mid-level stuff.
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00:51:09.000No one is going to take care of your family in the final equation but you.
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00:52:18.000They're about to do an interview with him for TV here in Austin and film work we're doing.
00:52:25.000That's just amazing, because I've studied this constantly and I have all these guests on.
00:52:29.000And to talk to Mr. Black, he just puts it all together.
00:52:31.000Okay, you were getting into what I've even seen in the New York Times and Washington Post.
00:52:36.000They admit that under Bush, they took most of the regulators and most of the FBI investigators off the big tax thieves and put them literally on mom and pops.
00:52:47.000I mean, if that is an open, conscious criminality, I mean, you'd think the government would want these tax revenues.
00:52:59.000They cut the overall number, even though they knew that they would cost them more in lost taxes that they would save by not having enough IRS people.
00:53:11.000And then they oriented the IRS people overwhelmingly towards not even middle class, but actually working class Americans.
00:53:23.000You know, it's a spectacular misuse of money.
00:53:25.000It results in far less tax dollars being, far fewer tax dollars being collected.
00:53:33.000There's nobody that can defend it, but it's part of the general piece.
00:53:36.000You know, white-collar prosecutions are down more than 25% under the Bush administration, when of course white-collar crimes reached An unprecedented level in history.
00:53:49.000And now it's accelerating under Obama.
00:53:52.000I mean, are we seeing an acceleration of that?
00:53:54.000I mean, I don't see them changing the enforcement.
00:53:57.000Well, we certainly haven't seen it yet.
00:53:59.000I talked earlier that they first announced that they were actually going to investigate the big lenders, which they themselves, again, said were the key frauds two years ago, March 2007.
00:54:15.000So, you know, Maybe they're having the most wonderful, most secret, most successful investigation of all time, and there have been no leaks.
00:54:26.000But that doesn't sound like America to me.
00:54:28.000All right, we've only got a few minutes left, sir, and then I'll let you take a break and do the interview with the guys.
00:54:32.000Again, we're very thankful and we'll have you back up soon because you can't do this in an hour.
00:54:38.000I mean, for me, if we start grand jury investigations, not just federal but state, if we go after more of these Madoff crooks, get them to flip and expose the larger system, isn't the quickest way to end this is to have investigations and start arresting people?
00:54:53.000I mean, won't that point out how this is criminal and needs to be stopped?
00:54:57.000But you won't get that as long as the failed bankers, often the fraudulent failed bankers, are left in positions of power.
00:55:06.000You need to put honest bankers in who will have the incentive and the orders to find where the bodies are buried and to make the necessary criminal referrals.
00:57:04.000You might not be able to spell Constitution, but you sure know how important it is.
00:57:08.000You might not be missing any shirts from your closet, but you have given the shirt off your back hundreds of times.
00:57:15.000You might not understand the thousands of laws that exist, but you do live by the Ten Commandments.
00:57:20.000You might not know who the bad guys are, or what you should be complaining about, but you do know what to be thankful for.
00:57:26.000You might not be looking for a government handout, but you do know how Not that you don't know, but you do know that you want to take care of your family.
00:58:23.000He's fudged since day one in this election.
00:58:25.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascist.
00:59:01.000More than 700 chemicals have been found in our drinking water.
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01:02:06.000And, you know, I try to laugh about this, but it's not funny, because your pension funds, your police funds, your fire funds, your teacher funds, your private funds, were all invested in this, and they've already stolen about half of it.
01:04:20.000You know, why have they come out in the case of one Al Qaeda member and claimed he's been killed over 15 times and never retract the last time he was killed?
01:04:55.000And they never retract that we didn't kill him last time.
01:04:59.000They are practicing being caught as liars openly.
01:05:03.000It's a psychological tactic and psychological warfare to just be caught, and it's just... And then I remember the first time they said they killed him, they said, oh, here's their two dead bodies, bombed in a house, you can pull this up.
01:05:14.000And it said they've been reconstructed with wax and clay, so they're recognizable.
01:05:19.000And it's too... I mean, I could take a ball of clay and make a better fake head and stick a fake mustache on it.
01:05:28.000And I remember looking at the pictures on the news and saying, those are fake!
01:06:06.000I'm on the treadmill this morning for 30 minutes, I didn't have enough time to be on there longer, and I'm watching CNN and Fox, I'm flipping back and forth, and it's Barack Obama's got a lot of rich Wall Street people in his administration, but David Gergen, a Republican, says that's a good idea because they're experts and know how to fix it.
01:06:31.000That's meant to make you think it's okay that they're converting the majority of the force, from a big piece to a majority, to foreign or illegal aliens from all over the country, and all over the world.
01:06:40.000And then I was back there getting some coffee earlier, and it was another piece on another news channel, I think it was MSN, and we were recording it, and I'm seeing the propaganda.
01:06:50.000They got the same report on another channel!
01:06:57.000To where, oh, I love the foreigners that make up our... They aren't bringing in foreign troops, though they've signed agreements to use purely foreign armies publicly.
01:07:05.000That isn't a rumor, that's mainstream news.
01:07:40.000Because I keep getting emails saying they're not doing deals for foreign troops even though I've been to urban warfare drills where they're training to have foreign troops take your guns and admitting it's for America.
01:07:55.000Congress complains about not being notified about military agreement with Canada and Mexico.
01:08:06.000Congress complains about not being notified or not being included, something like that.
01:08:11.000And then you read the article, it just calmly says, oh, Canadian and Mexican troops signed deals in Canada today to, under NORTHCOM, police the United States during insurrection or terrorism.
01:08:23.000And then they come out in the Canadian paper and go, oh, the troops are going to be patrolling to stop drunks on the weekends.
01:08:45.000The governor said no, and then we learned Monday, it's in the newspapers, the army was out, with highways shut down, quote, for over a mile, with the army searching people!
01:08:56.000And then I go, oh look, here's the Tennessee newspapers!
01:09:00.000And then I get national newspapers saying I'm a lying kook, and it doesn't exist!
01:09:06.000I mean, you know, it's reached a new level.
01:09:10.000Like Obama writing the executive order for the bonuses and then getting on TV saying, I'm gonna stop the bonuses, I'm outraged.
01:09:20.000I mean, they've introduced all these bills to basically ban guns in America.
01:09:24.000Unlimited banning is what one of the bills gives you.
01:09:26.000And then they just say to us, you're liars.
01:09:28.000I mean, I have newspaper reporters calling me, going, why are you putting out this disinformation that Obama wants the guns?
01:09:36.000And I go, well, let me give you some bill numbers.
01:09:51.000And if we don't realize how bad it is, we have no hope of getting out of this.
01:09:56.000The house is caved in on us, you know, we're pinned, we're bleeding, and the American people are going, oh, it's a little cramped, but I... and I'm, like, in the rubble with them going, listen, this is really bad, we gotta work together to dig out of here.
01:10:08.000And, you know, and they're like, shut up, conspiracy theorist!
01:10:11.000Hold on, let me pull this two-by-four with nails out of my back.
01:10:15.000I mean, we're caved in here, and I'm saying, let's dig our way out, and the people are arguing, going, I don't know, the ceiling's supposed to be six inches from the floor.
01:10:29.000And there's those of us that have been trying to hold the house up, you know, we're down here in the mine, like the song Big John.
01:10:36.000And we're sitting around to hold this thing up together, and then the public's punching us in the stomach and chest going, stop it, conspiracy theorists!
01:11:43.000You're arrogant, you like your petty power in government, and the yuppies think everything's fine, and you have no idea how bad this is gonna get.
01:11:52.000But, down the road you will, and we can still turn it around and beat it, Pelosi's openly saying national gun registration, Before you throw away your used batteries, you need to listen to this.
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01:13:50.000877-479-8178 That's 877-479-8178 In the New World Order's war against humanity Barack Obama is the tip of the spear We've got to give them a stake in creating the kind of world order that I think all of us would like to see.
01:14:13.000The Obama deception completely destroys the myth that Obama is working for the best interest of the American people.
01:14:21.000He's fudged since day one in this election.
01:14:23.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascist.
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01:17:02.000This guy, in my opinion, he's pulling his leg back.
01:17:06.000And the reason why I say that, Alex, is he talks about how these guys have good intentions and they were just frankly scared, and that's why they did the bailouts.
01:17:18.000You know, ask him what's up with the WAMU and JPMorgan, a solvent entity being sucked up by JPMorgan.
01:17:25.000Well, I mean, he's on this show saying that they engineered the thing knowing it would collapse and that they're criminals.
01:17:31.000I mean, he's one of the strongest voices out there at his level.
01:17:36.000He is, but Alex, the guy that's holding back, he knows more.
01:18:05.000No, I hear you, but instead of worrying about the bankers taking over and everything that's happening and admitting they're chemtrailing us now, just deny it all!
01:18:13.000You know, because you don't want them to say you wear a tinfoil hat.
01:18:16.000I mean, the governments have always... No, but it's like the Tea Parties, Alex.
01:18:25.000But listen, more and more it's a process.
01:18:28.000More and more at those Tea Party meetings, they are talking about the private Federal Reserve and the New World Order.
01:18:35.000So what's happening, and that's the reason Fox News is having to at least pay lip service to FEMA, Cams, and New World Order and global currency now, is because Conservatives, Libertarians, and Liberals have been woken up by people like you and I and many others, and so they've lost all credibility.
01:18:50.000So you even hear a lot of this stuff on CNBC and CNN now, so they understand that we're effective.
01:18:55.000So, folks, you know, you should feel good to a certain extent that we've been able to reach as many people as we have been able to, but I appreciate your call.
01:19:27.000What they're planning to do is take this currency loans, let's say the United States loans, Japanese, and then they pay us back that loan with Japanese yen in their exchange rate.
01:19:45.000So they don't have to hold American dollars.
01:19:47.000Sir, there's no such thing as exchange rate.
01:19:49.000Hundreds of newspapers haven't announced that there's a world government.
01:20:09.000But International Institutions and Global Governance Program World Order 21st Century, May 1st, 2008, with David Rockefeller saying they're going to engineer a planetary takeover by the UN by a world depression.
01:21:08.000Basically, that's all I wanted to touch on.
01:21:10.000I wanted to touch on synthetic currency loans and more information needs to be looked into on the tax structure within these derivatives and these collateralized debt obligations.
01:21:22.000Yeah, no, you're right, and they're all ready.
01:21:27.000Issuing the global currency and they admit that in major papers.
01:21:29.000But again, that doesn't exist according to the yuppies, who are actually a brainwashed cult of nuts.
01:21:37.000They believe the false reality because they're such cowards.
01:21:40.000And that's why they're going to lose everything they've got.
01:21:42.000But even when they lose everything they've got, they're such cowards, they're still going to worship the government and feel like they're members of the establishment.
01:21:48.000And the government's going to point them like a dangerous horde at us.
01:22:03.000Go to a drugstore and take a stop smoking product off the shelf.
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01:23:23.000He's fudged since day one in this election.
01:23:25.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascism.
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01:25:11.000Rob Dew, my producer, one of our producers popping in. - Real quick here on the show with us, and I'm going to your calls right now, here in just a moment.
01:25:43.000They're criminals that tell the dumbed-down public, we're here to give you money and workers' paradise.
01:25:47.000And the first thing they do is steal all the money and set up a police state.
01:25:51.000But read for folks who are on the radio who can't see that on screen at PrisonPlanet.tv what it says.
01:25:57.000So it's a picture, it's an editorial cartoon and it's got a guy, his name is, I can't even read it now, but he's, they're all in Harvard type graduate uniforms and they're running down on this cart and they're shoveling money out of it and then over here, this is I guess Karl Marx, is that who that is?
01:26:19.000Spin, spin, spin under the guise of recovery, bust the government, blame the capitalists for the failure, junk the constitution, and declare a dictatorship.
01:26:29.000And, um, it says, uh, young, it has a thing here, it says, young pinkies from Columbia and Harvard depleting the resources of the soundest government in the world.
01:27:13.000Elites always, the big foundations, the big money, push it because they want to steal what you've got and feed it right into their gaping mouths.
01:27:23.000Guys, pull up that InfoWars.com headline.
01:27:28.000Yeah, it's out of a major A major, major polling agency did it, and 49 percent, and I love the graphic Nemo put up for the story, it's a picture, I'm going to make a t-shirt out of this, it's a picture of a guy in blue, no in red, with a gun up to a guy in blue's head who's got the bag of money in his hand, and it says socialism, that's all it is, but that's my point on that.
01:27:55.000Now, we've got a lot of exciting stuff happening.
01:27:57.000Activists, if you want to be in the new Obama film, get the Obama Deception, it is the new film right now, but on July 4th, a new Obama film is coming out, and then I'm going to take a rest from that for a while, but it's so important to discredit him and show he's a fraud, we're doing that.
01:28:11.000We're sending folks, and now they've asked me to speak, but I don't know if I'm going to go.
01:28:15.000April 19th, up at Lexington in Massachusetts, where the Revolutionary War started in 1775, with the gun confiscation.
01:28:21.000Today, they would just come take the guns and say, we're not taking your guns, but we're taking them.
01:28:26.000And the Patriots founders would have said, oh, yes, you're taking my guns at gunpoint, but you're not taking my guns.
01:28:32.000You know, but they weren't mind-controlled drinking fluoride then, so it wouldn't work.
01:28:35.000So we're going to have cameras up there, you're going to that.
01:28:39.000Shoot video of tea parties, because I want to show the solution, the activism, while we're at it, we'll probably do a little vignette exposing Beck as an operative.
01:28:48.000But tell folks about some of the great ideas listeners have, and I'm going to the calls.
01:28:51.000Yeah, we got an email from a group in Arizona State University.
01:28:56.000Obama's speaking there on the 13th of May.
01:28:59.000And they're going to pass out, and I saw they showed the boxes of the Obama deceptions they've been copying.
01:29:04.000They're going to pass out 10,000 copies of the Obama deception.
01:29:08.000At the commencement speech, which, that's a great idea.
01:29:10.000Guys, and I think we're inviting, I invited the one guy who started this on the show.
01:29:18.000And again, you can do this cheaply now, because at prisonplanet.tv, you can download DivX copies that play on almost all the new DVD players, and put the film in pretty good quality.
01:29:56.000Just 53% say capitalism is better than socialism, so 47% I just need to find the poll, because I'm reading it wrong.
01:30:05.000The point is, only 53%, that's the headline, say capitalism better than socialism.
01:30:11.000That's because they're being manipulated about what socialism really means.
01:30:14.000That's probably the people that just have jobs.
01:30:17.000Anyway, also the hostage dies as French attacks Somali pirates.
01:30:22.000This isn't the same ship that we were talking about, but...
01:30:26.000A French hostage and two pirates died Friday in a rescue operation off Somali's coastline, the French President's office in Paris said Friday.
01:30:34.000Four hostages, including a child, were freed from the hijacked yacht after almost a week in captivity, Nicolas Sarkozy's office said.
01:30:42.000So they decided to move in when pirates refused their offers and one hostage died and they killed two pirates.
01:31:30.000Well, see, they put all these rules and harassment with regulators on the ammo companies and the military has been stockpiling and hoarding way over the amount they need.
01:31:40.000And the military historically would always sell the brass.
01:31:45.000I was reading a Liberty Hill blog and they were talking about how Congress had shut all that down.
01:31:50.000millimeter to the major ammo companies they've now under order of obama refused to sell the millions and millions of rounds a month to uh... will be casings to complete the entire cartridge to in a liberty hill um...
01:32:08.000blog and they were talking about how congress had shot all that down i don't believe that i'm going to tell you why appear at the local hallmark my daughter one day some target shooting issues out of shells for her twenty-two and And they had told us they were going to get in a big shipment.
01:32:22.000And then three days before the shipment was supposed to come in, they tell us they cancelled it.
01:32:27.000I mean, it's getting that bad, you can't even get shells for a 22 down here.
01:32:32.000I know, and they've been denying, denying, denying.
01:32:35.000They go, we don't want your guns, and I've seen the YouTube clip.
01:32:37.000We're trying to find it earlier and couldn't.
01:33:55.000came to the Kentucky legislature and told them under IMF World Bank rules that they basically were under their control.
01:34:00.000And the legislature said no and kicked them out.
01:34:03.000But now they admit, I'm sure it's been confirmed, China's demanded our lands and roads.
01:34:08.000for collateral on the debt, and it just came in today, that was in my stack.
01:34:14.000Congress did pass the bill to accompany Bush's executive order of last year to hand all the infrastructure, including the roads, over to the foreigners.
01:34:48.000Yeah, and again, it's all about lying with these criminals.
01:34:54.000They came out two months ago and said, so people shut up at the legislative session they had, they said, look, Trans-Texas Corridor and NAFTA Highway is dead.
01:37:09.000I've been working on Wall Street for 22 years.
01:37:11.000At any rate, on CNBC at 12.04pm, They turn around and all of a sudden there's a flash.
01:37:19.000Cyber spies are in the works from either China or Russia to shut down the electric grid.
01:37:27.000You know, this is all in line with Rockefeller's legislation.
01:37:31.000No, I did see it, and they're saying that China and Russia are doing it through the internet, and so he says we must get rid of the internet.
01:37:38.000That's a quote from Jay Rockefeller because of this.
01:37:42.000And again, right as this bill is introduced, right as they're taking the web over, Mother Jones admits it, so they can kill it in their own words for our safety, the Chinese and Russians attack.
01:37:55.000I mean, it makes me sick because I've never believed any of this stuff to tell you the truth.
01:38:01.000I mean, this last July, a year ago July, I went down to Washington, D.C.
01:38:49.000I mean, this whole thing going forward.
01:38:51.000And one of the other things I wanted to mention was that, you know, this whole thing with the CDOs and the collapse of the financial system that we've been witnessing here.
01:39:00.000I mean, you know, 22 years ago, Michael Milliken created, you know, junk bonds.
01:39:08.000And the junk bonds that he created 22 years ago literally You know, wiped out the savings and loans, the thrift, the insurance companies, etc., etc., all the way up and took the market down from 87 to 91.
01:39:23.000This stuff that's going on today, it's the same thing.
01:39:28.000Absolutely, and by engaging in the financial terrorism, saying we were going to have a depression, that destroyed confidence and then hit all the legitimate real stocks, so they can depress it and suck it up, and they write white papers about how they do this.
01:39:44.000What's happening here now, Alex, is that, if you go back to Michael Milken, okay, to me, that was like a test balloon.
01:39:52.000You know, it was like, here, let's see if this works.
01:39:54.000You know, let's throw this out there, let's see if this works.
01:39:57.000And they thought that it did work, and now it's like, you know, 22 years later, they turn around and say, okay, here, we're going to come up with these CDOs, CDSs, etc., etc., etc.
01:40:05.000We're going to sell them all around the world, and basically what that is, is I don't know if you're familiar with the collateralized mortgage obligation, but the bottom line is that what these guys would do is they take a loan, and then they break it up into various different pieces, or what's known as tranches.
01:40:20.000And they claim it has value, and they claim it's certified, and sell it as an asset when it's a debt.
01:40:35.000They sell them, repackage them, sell them, repackage them, sell them, repackage them, sell them, repackage them, over and over and over again.
01:40:41.000So you're not talking about, you know, a $1 trillion problem, a $12 trillion problem.
01:40:48.000Some of the numbers I've seen are like a quadrillion and a half dollars.
01:40:53.000No, that's what the experts we've talked to have said, because they would leverage banks and insurance companies and everybody engaging in fractional reserve banking, and create new banks with seed money from that, and then they would leverage, leverage, leverage, leverage, leverage seven times, and then leverage, leverage, leverage, and create another bank, and then leverage, leverage, leverage, leverage, and then they buy up the planet and then say, you're our slaves now!
01:41:56.000But, you know, we are so far behind in education, I think, in what we know.
01:42:03.000As far as, you know, Republican, Democrat, we're pitted against each other and I just I'm kind of, I'd like to be able to offer a way to be educated and take action at the same time.
01:44:21.000He's fudged since day one of this election.
01:44:24.000If you have a demagogue with a fanatical mass movement of personality cultists who is imposing the program of a group of extreme bankers and finance oligarchs, that's fascist.
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01:45:53.000that number again 888 51 eat free a little knowledge makes starvation impossible i'm very thankful to all the listeners tuning in and hearing all the guests the information also putting up with me he will oh man has invented his You know, I'm normally been a lot calmer the last few months on air.
01:47:06.000As we educate more people, we have a better chance of bringing these criminals to justice.
01:47:11.000Again, it's very bold and criminal what the globalists are doing.
01:47:14.000And if we can just get the folks to realize they have power and that they have a chance to affect things, and that their interest is to stand up and say no, and get past the left-right distraction, we can fix this.
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01:48:42.000So, I have several things that are actually of very high importance on the list that I want to bring up.
01:48:49.000I think I'm going to start off with the first being the NIAC document, which has been posted to the Prison Planet Forum by one of the moderators known as Anti-Illuminati.
01:48:58.000Now, being that... Well, I mean, we have the MIAC report, and we... Not MIAC, not in M, N. The National The N.A.S.
01:49:29.000So that it went from being a one-way communication terminal in which they could only pull data to being able to push data.
01:49:36.000The culmination of this project And the sheer importance of this was demonstrated in Loose Change 2nd Edition when NASA flies that jet by remote control over ILS, and after landing it and taking it off, Um, is able to then use this system to completely get rid of all of the security and safety mechanisms in place in ILS to crash the planes.
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