FRONTLINE: The Warning - PART 2

The story of the first near-meltdown under Clinton, caused by the secret OTC derivatives market, which CFTC chairwoman Brooksley Born had tried to warn about and regulate. But her efforts were thwarted by Alan Greenspan, Robert Rubin, Larry Summers, and Tim Geithner, who convinced Congress to ignore Born's warning and remove regulatory power from the CFTC. As a result, the derivatives market was allowed to grow, unfettered, to over $500 trillion and led to the second near-meltdown under President B

Category:

News & Politics

Tags:

• Frontline
• PBS
• The Warning
• Greenspan
• Rubin
• Summers
• Arthur Levitt
• Geithner
• Brooksley Born
• CFTC
• OTC derivatives
• Bill Clinton administration
• financial meltdown
• Bush bailouts

[pas9ify]

Alisa Rosenbaum never got over the fact that the Bosheviks took away her daddy's store, so she came to this country to spread her poisonous lies where they did not apply. She then called it a philosophy "Objectivism" as if everyone else is subjective!

[exenrontexas]

@LouieArrighi It was the DEREGULATION of business and the sabotaging of accounting and business standards that got us into this mess. I was in the meeting where the CEO of the second largest US bank who took BILLIONS in taxpayer money told a group of bank officers that their exposure to DERIVITIVES was about SEVENTY TRILLION dollars (not a typo). They lost a total of ten BILLION to ENRON alone in derivitves and much more to other corporate crooks. Phil Gramm was one of the Randites.

[exenrontexas]

Brooksley Born was absolutely correct to fight against the Randites in business. Ayn Rand was the single most destrutive person in the later part of the twentieth century. She was anti-Christian and anti-American and hypocritically accept government help that she crticized. It was the Randites that ran the once great company known later as ENRON into the ground. Failures, utter failures.

[mtg4myhome]

Larry Summers is Corruption Personified!!! And, look who he is advisor to now!!!

[mtg4myhome]

@LouieArrighi BS Louie - Stop drinking the Frontline Kool-Aid. Greenspan is no more Libertarian than Eddie Murphy is a member of the KKK. Pure Lies.

[AroundSun]

@LouieArrighi No, big government brought you to this mess. Libertarianism is the total opposite philosophy that was practiced under greenspan

[Rawego]

Alan, you're not a by-stander if you control the interest rate, which controls everything else. shame on you Alan Greenspan. your teacher, Ayn Rand, is spinning in her grave. you bastard.

[Junglist562]

Our Government has been hi-jacked by Wall Street Banker Tycoons folks.

[LouieArrighi]

Libertarianism ran the Federal Reserve. End the Libertarian Fed. there is nothing Federal about the Federal Reserve. deregulation and Libertarianism brought us this mess. quite a contradiction, but LIBERTARIANS are the people that are holding this country back because they are brainwashed by words like freedom and liberty.