Davidowitz: Credit Crisis ‘A Gigantic Ponzi Scheme, Lies And Fraud’

Below is a very entertaining interview with Howard Davidowitz on financial reform and the credit crisis with Aaron Task and Henry Blodget of Tech Ticker (hat tip Scott).

Davidowitz says don’t expect any substantive changes, especially when the underlying problem from the credit crisis was "a massive fraud" and nothing is being done about it.

Take a look.

Davidowitz also talks about the anti-regulatory bona fides of current top policy makers and the incestuous world of the financial services industry and its regulators. He sees this as part of the problem. For more in-depth coverage on these issuesregarding Bear Stearns and AIG, also see:

• In U.S. Bailout of A.I.G., Forgiveness for Big Banks – NYTimes.com
• Fed Made Taxpayers Junk-Bond Buyers Without Congress Knowing – Bloomberg.com