Frontline Video How the regulations were blocked

[oiltanker]

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation's worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.

"I walk into Brooksley's office one day; the blood has drained from her face," says Michael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me: 'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."... [He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"

Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives.

http://www.pbs.org/wgbh/pages/front...aign=viewpage&utm_medium=grid&utm_source=grid

 

[forexpeters]

ill check uit

 

[oildaytrader]

The Financial Bubble Was Created by Central Bank Policy

http://www.aier.org/research/commen...ial-bubble-was-created-by-central-bank-policy

Estimate $3.3 Trillion
Missing From U.S. Treasury

The Three Trillion Dollar War.

During a war, money is spent to destroy things. Often this is combined with an increase in the money supply in order to pay for the destruction.

http://www.youtube.com/watch?v=XeDiYrcW9D0&feature=related


http://www.rense.com/general70/trill.htm

Was Alan Greenspan a LIAR?

Greenspan: The worst Fed chief ever

http://moneycentral.msn.com/content/P131155.asp

As early as 2005 he was called a the greatest bubblemaster .He was working for the federal reserve , which really is not the fed but leaches printing money out of thin air

Alan Greenspan gave a speech last year titled "Economic Flexibility." It should have been called "Damn, I'm Good," because the world's biggest serial bubble blower -- and most incompetent, irresponsible Fed chairman of all time -- tried to rewrite history. This column will endeavor to set the record straight.

http://www.federalreserve.gov/boarddocs/speeches/2003/20030304/default.htm

It is, of course, possible for home prices to fall as they did in a couple of quarters in 1990. But any analogy to stock market pricing behavior and bubbles is a rather large stretch. First, to sell a home, one almost invariably must move out and in the process confront substantial transaction costs in the form of brokerage fees and taxes. These transaction costs greatly discourage the type of buying and selling frenzy that often characterizes bubbles in financial markets. Second, there is no national housing market in the United States. Local conditions dominate, even though mortgage interest rates are similar throughout the country. Home prices in Portland, Maine, do not arbitrage those in Portland, Oregon. Thus, any bubbles that might emerge would tend to be local, not national, in scope.

http://www.forbes.com/2008/12/31/housing-bubble-crash-oped-cx_bb_0102bartlett.html


Culpability, thy name is Greenspan
So, the fallout from the housing boom, the unfinished business from the stock boom and all the derivatives he's championed for his beloved deregulated financial system will combine to hit with full force somewhere down the road. By then, of course, Greenspan will be long gone. He, as well as everyone else who's incapable of understanding what really happened, will be blaming our problems on the next Fed chairman. I have no sympathy for Ben Bernanke. But we must understand what actually took place and not let this arrogant buffoon Greenspan get away with his attempt to rewrite history.

http://moneycentral.msn.com/content/P131155.asp

http://www.scoop.co.nz/stories/HL0903/S00204.htm

http://businessmirror.com.ph/home/opinion/7529-greenspan-forgets-where-he-put-his-asset-bubble.html