Bank fraud created the housing bubble and caused the meltdown in 2008. The Federal Reserve could have done something about it, but chose not to.
That's according to Bill Black, former bank regulator, in the video above. He argues the fraud will continue -- and another crisis will happen -- unless the following three things happen:
- The Too Big To Fail banks are broken up. They're ticking time bombs right now.
- Executive compensation is reformed.
- Bankers go to prison for fraud.
Thanks to the naked capitalist for sharing this video.