Bill Black Eviscerates Bank Apologist Arnold Kling

It's a fun ride, watching Black serially demolish the lies of the clown Kling.

Bill Black: Arnold Kling's Cunning Hairdresser Theory of the Financial Crisis

"Kling, however, "always presume[s]" that it is the hairdressers of the world that instigate fraudulent lending.  The poor Wall Street firms are putty in the hands of the ultra-sophisticated hairdressers who descend in packs that lay waste to our largest banks.  Of course, prior to the crisis, theoclassical economists assured us that the Commodities Futures Modernization Act of 2000 (by which industry lobbyists eliminated any ability to regulate vast amounts of financial derivatives) posed no risks because the financial institutions were so financially sophisticated that fraud was inconceivable.  Apparently, Goldman Sachs lacks the sophistication to defraud Lehman and Bear, but millions of hairdressers and their peers robbed them blind.  It is one of the most preposterous tales anyone has ever manufactured.  The willingness to propagate the hairdresser theory of the crisis is the definitive test of the ultimate Wall Street shill."

http://www.nakedcapitalism.com/2013/10/bill-black-arnold-klings-cunning-hairdresser-theory-of-the-financial-crisis.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

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