Macro Tsimmis

intelligently hedged investment

Who is Brooksley Born?

Posted by intelledgement on Thu, 22 Oct 09

A friend of Hillary’s passed over for Attorney General by Janet Reno, she found herself running the Commodities Futures Trading Commission in 1996 and to her growing alarm, discovered potential dangers in the unregulated multi-trillion dollar derivatives market…but when her CFTC proposed regulations, Alan Greenspan, Larry Summers, and Robert Rubin moved to crush her.

“In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.”

This Frontline documentary is 50+ minutes long but well worth the time investment!

(Although…the implication that the government bailouts of the “too-big-to-fail” institutions was the logical outgrowth of Ayn Rand’s philosophy—and the assertion that she was a Libertarian—are wrong. Rand would certainly have opposed Brooksley Born’s proposals, but she would also have allowed AIG et al to reap their own harvest and fail. That would have resulted in more immediate pain, but a quicker and healthier recovery and a lot less risk of repeating the same mistakes. And she was not a fan of Libertarianism.)

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: