Jason Bourne, please step aside. We need to read about this real person named Brooksley. You may have met her before. You may remember her warning about the black box market called OTC Derivatives, her testimonies before Congress.
But if you’re like me and were cluelessly enjoying the boom time of the late 90s… watch this
But a warning…this Frontline documentary, called The Warning may make you angry. This documentary may incite your Ayn Rand oriented zeal to rant about the liberal PBS press. Ample white space below for your comments and insights. Have at it. You may be interested to know that Obama has a few of the miscalculating characters in his economic advising huddle today…Larry, Timmy…and their coat tail-clutching clerks. Meet the old boss, same as the old boss…
The new boss will propose regulation (to get him and his Party…votes)probably in the areas of:
- Credit Cards
- Executive Pay
- Mortgages
- …and Derivatives
Keep an eye on this…Obama will be motivated by vote chumming…more like fishing than financial philosophy…remember, he has Larry and Tim on his team. It’s not a question of government regulation…it’s the reality of political regulation…this is not a partisan issue…both parties play, while we pay. The goal is votes. It is what it is…
Hold your temper and your party affiliation membership card and allow Brooksley Born to say what she has to say. She speaks about the OTC Derivatives market, those complex products resembling insurance, that still unfathomably huge and unquantifiable strata of wealth, that murky (what’s the opposite of “transparent?) aspect of banking that created systemic risk in the flesh…the 2008 Meltdown.
Will we be fooled again?
Women should note that the genuine financial philosophers include two influential women:
- Ayn Rand
- Brooksley Born
Jason…your next mission…find the black box…
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