Nation: US Economic Meltdown: The Woman Greenspan, Rubin & Summers Silenced - by Katrina van den Heuvel
US Economic Meltdown: The Woman Greenspan, Rubin & Summers Silenced - by Katrina van den Heuvel
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 cheer leading these disastrous financial instruments.
Barack Obama might do well to bring back Brooksley Born and promote to his team economists who haven't contributed to the ugly mess the world is in.
Labels: US, US Economic Meltdown
