'Wrong'

Good Frontline documentary about the moment during the Clinton administration when Alan Greenspan could have learned the useful lesson he later learned at everyone else’s expense — that he’d been wrong for forty years, and that Wall Street, in fact, can’t self-regulate.

Instead, a skeptical but clout-free regulator who predicted the disaster was shoved out of her job in 1998. No one, Kenneth Galbraith says, likes a regulator. Not Ayn Rand, and not me. But Brooskley Born ’s story about the “dark market” of derivatives is instructive. Two of the men who went along for the ride in the ‘90s now have top jobs in the Obama administration. Guess who.

UPDATE: “We may have to sacrifice just two more jobs to get millions back for Americans.”

     posted 17 November 2009 by Michael Scott Moore