"More than a decade ago, a woman you're likely never to have heard of, Brooksley Born, head of the Commodity Futures Trading Commission-- a federal agency that regulates options and futures trading--was the oracle whose warnings about the dangerous boom in derivatives trading just might have averted the calamitous bust now engulfing the US and global markets. Instead she was met with scorn, condescension and outright anger by former Federal Reserve Chair Alan Greenspan, former Treasury Secretary Robert Rubin and his deputy Lawrence Summers. In fact, Greenspan, the man some affectionately called "The Oracle," spent his political capital cheerleading these disastrous financial instruments."
I had always been a fan of Greenspan before this catastrophe happened. I even bought and read his book. But it has become apparent now that Greenspan, Summers and Rubin, whom I also admired, embraced the policies that got us into this present mess.
Read the complete story here.
Brookley Born a woman whose wisdom was derided and scorned seemed to be right on all along.
As The Nation said," "Break the Glass" was the code-name high-level Treasury Department figures gave the $700 billion bailout; it was to be used only as a last- resort measure.
Now millions have been sprayed and damaged by broken glass."
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5 comments:
Interesting. I wondered where Greenspan fit into all this. Bernanke hasn't been at the helm long enough to have caused such havoc.
..but he continued the policies that Greenspan began. He could have changed course if he saw something wrong with that plan.
They've all just continued more of the same and this has been coming on for twenty or thirty years, but no one wanted to change course, and the rest of us, for the most part, didn't know enough about the policies to challenge them and that's the way they wanted it.
That's why none of us knew anything about this women's point of view....that it was going to be a disaster.
the nation debt has gone so high since bush took the reins that we were bound to have this happen.
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