The Woman Greenspan Silenced »
Posted By _kam0_ 8 months, 4 weeks ago in Business & FinanceMore 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.
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_kam0_8 months, 3 weeks ago
By definition the contrarian view (no matter how correct and factual) is always a minority. In good times all strata of society sing the song of unstoppable growth and heap endless praise at those who champion the economy without question. Greenspan was the loudest applauder of the mass credit consumer economy and the herd just followed.
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