Tuesday, April 5, 2011

brooksley born

Saw a great documentary last night produced by PBS Frontline, called the Warning, about one person in Government regulation who saw the economic collapse of 2008 coming way back in the Clinton administration.

Brooksly Born was a derivitive attorney for 20 years before being tapped by Bill Clinton to head up a financial regulatory agency that dealt specifically with Derivatives, the same items that caused or greatly enhanced the crash.

Her most reasonable argument, to make a law so the regulators would know the activity of hundreds of trillions of dollars of financial, derivative transactions was not only disagreed with by Clinton's other financial advisers but was vehemently attacked.

His other advisers were Alan Greenspan,  Robert Rubin, and Larry Summers, all of whom worked for and loved private enterprise, to the point that during Alan Greenspan's first meeting with Born, he told her he thought the markets needed zero regulation.

All the parties mentioned were brought in front of Congress to discuss the ideas of not only new regulation, but just to have this new market report in, as to see what was going on. Born was murdered, in Congress, by Greenspan, Rubin, Summers, and many in Congress. Her hands were tied.

Even after a hedge found imploded because Born's advise was not followed, she was still chased out of Washington for here crazy idea of wanted to watch over a huge unchecked area of the market.

Ten years later the entire market suffered a blow that would tsunami around the world, all because free market radicals who were in bed with corporate America refused to watch over or enforce any type of normal rules on a section of the market.

Its like street level crime, imagine some rapists were so organized that they lobbied for laws that would prevent anyone from calling the police when a rape was committed. It makes as much sense as that. Both wall street non-regulation and decriminilazing rape would hurt communities and people alike.

So every time you hear a story about deregulation regarding wall street or economic markets, substitute the word Rape for economic markets.

Example; We cannot regulate wall street after the crash it will hurt the markets
Substitution; we cannot criminalize rape just because many people are being raped, it would break of the family unit.
Did i convince you?
Watch the front line

No comments: