Yves Smith is much too kind to Greenspan

This is a must read, and has a great link to a video demonstrating the dangers of playing with explosives.

http://www.nakedcapitalism.com/2009/10/ms-watkins-why-does-charlie-have-lit-dynamite.html

Must quibble though:  Greenspan was most assuredly not the headmaster.  He was the headmaster's personal assistant.  So who really was/is the headmaster?

Black is Back

Prof. William K. Black was a regulator at the SEC during the S&L crisis.  He subsequently wrote a book called "The Best Way To Rob A Bank Is To Own One"

He has has appeared on television numerous times and receives the highest respect when treated in the financial/econ blogs, but he needs far more exposure; he states more clearly the causes of and solutions for our crisis.

This is a short video which should be required viewing for everyone old enough to understand the concept of fraud and deep capture.  If Prof. Black hasn't been coopted himself, (no evidence to suggest that he has, but appearances can often be deceiving) he certainly deserves a spot in a new, clean, regulatory system.