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The Post Nails the Greenspan/Rubin Crew on Deregulation
The Post has a very good investigative piece on how Alan Greenspan, Robert Rubin, and Larry Summers prevented the Commodities Futures Trading Commission from regulating derivatives like credit default swaps.
--Dean Baker
COMMENTS (4)
You failed to mention Arthur Levitt Jr.
He was in on it too. a former chairman of AMEX.
Interestly, yesterday he was seen in c-span with congressional democrats talking more b.s.
Posted by: no | October 15, 2008 11:20 PM
Yeah, it made Greenspan look like an idiot, but it also painted Rubin and Summers in an extremely bad light.
What really surprised me was Levitt. IIRC he's usually thought of as a former SEC chair who was a very strong enforcer.
Posted by: liberal | October 16, 2008 5:20 AM
Why is it that whenever girls tell boys they're wrong, we're "strident," as though that somehow forgives their failure to listen. "Gee, if only she hadn't been so strident, we wouldn't have kept doing this stupid stuff and crashed the world economy."
Posted by: PeonInChief | October 16, 2008 6:39 PM
Please review Mr. Levitt's appearance in c-span.
rtsp://video1.c-span.org/project/economy/econ101608_markets.rm
rtsp://video1.c-span.org/project/economy/econ_wj101608_levitt.rm
The Washington Journal's appearance is really egregious. A republican tries to blame all sub-prime on Fannie Mae.
Mr. Levitt just give a bland talking point. Whereas the senate hearing he doesn't say anything against Fannie Mae.
Posted by: no | October 16, 2008 10:46 PM