The Warning

gopher

Hall of Fame Member
Jun 26, 2005
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Frontline: The Warning

The Warning | FRONTLINE | PBS Video

Brooksley Born warned about the menace of de-regulation in the securities business but her words were ignored resulting in the financial crisis under Bush. Many fought her tooth and nail. Afterwards, many of critics regretted their words and deeds.

This presentation is about 55 minutes long but is informative and well worth viewing.
 

Icarus27k

Council Member
Apr 4, 2010
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Which is why I was hoping Obama would appoint Brooksley Born the Federal Reserve chairman. Sadly, Obama wilted and re-appointed Bernanke.
 

DaSleeper

Trolling Hypocrites
May 27, 2007
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Gopher: In your haste to blame Bush for everything you conveniently omit in your post that the deregulation started on Clinton's watch but you are quick to say that the meltdown happened on Bush's watch...
Gramm, a republican senator was one of the worst culprits...
One can only wish that Clinton had vetoed that bill....but hindsight...
 

eh1eh

Blah Blah Blah
Aug 31, 2006
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Gopher: In your haste to blame Bush for everything you conveniently omit in your post that the deregulation started on Clinton's watch but you are quick to say that the meltdown happened on Bush's watch...
Gramm, a republican senator was one of the worst culprits...

Ya, but at least it's all Obama's fault.
 

DaSleeper

Trolling Hypocrites
May 27, 2007
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Northern Ontario,
I also seem to recall that in '03 Bush tried to regulate Freddie Mac but that Barney Frank and the senate managed to bloc that....
 

eh1eh

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Aug 31, 2006
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I also seem to recall that in '03 Bush tried to regulate Freddie Mac but that Barney Frank and the senate managed to bloc that....

yes. It's not really about the elected figurehead. It's about the interest of the Fed, the party in power is just a formality.
 

darkbeaver

the universe is electric
Jan 26, 2006
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Deregulation, it was billed as an economic cure all, well it has proved to be just that, and you can readily see who's economy it is and was. How are all you free trade kool aid lovin dummies doin now? Unemployment is kissing thirty per cent in the USA and they/we still haven't hanged any bankers. Depression is deregulations monster offspring.
 

Machjo

Hall of Fame Member
Oct 19, 2004
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Deregulation, it was billed as an economic cure all, well it has proved to be just that, and you can readily see who's economy it is and was. How are all you free trade kool aid lovin dummies doin now? Unemployment is kissing thirty per cent in the USA and they/we still haven't hanged any bankers. Depression is deregulations monster offspring.

What does free trade have to do with regulation. It is possible to regulate industry while still maintaining an open border. So you're telling me you've never in your life imported anything from out of town?
 

gopher

Hall of Fame Member
Jun 26, 2005
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''deregulation started on Clinton's watch''

the key is started and there was ample time to reform it when the warning signs were made available during the Bush years - you cannot blame Clinton for that
 

damngrumpy

Executive Branch Member
Mar 16, 2005
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If people were paying attention most people would have noticed where we were headed
back in 2007. The problem with North America is that the economy is based on pure
myth and nothing more. You cannot build an economy on consumerism alone. We do
not produce enough goods and our companies have taken the jobs to Asia and other parts
of the third world. Free trade is not Fair trade and there is a difference the same as the
words Cheap and Value have nothing to do with each other.
In order to get a handle on the mess we are in, we have to live within our means and that
means everyone. North Americans and I say that because we are next to face a huge
debt crisis. We are borrowing from our saving and retirement funds, namely our homes
to finance toys like Harley Bike, boats, snow mobiles and God knows what else. We
have forgotten the word consequence. The word Consequence is not a Liberal word, it
is not a Conservative word either, it is a word that describes the repercussions of behaving
irresponsibly. Bankers and finance lenders were only to happy to do what they did because
the were meeting the demand, financing consumer Greed, and that greed belongs to the
collective group called consumers.
If you take a good look around, the United States of America was a huge part of the blame,
and they were administered by a conservative administration. Those terrible Conservatives.
Of course we are not pointing the other spotlight at, Greece, Spain, Portugal, and others
that were, Democratic Socialist regimes. What were they, Misguided. rather than stupid like
those conservatives.
My point is yes everyone decided to live beyond their means collectively as a society, yes we
played into the hand of international bankers and speculators, but if everyone wasn't greedy
they would have had no customers. I am not defending the banking interests either they
could have said no in the public interest. But Hey, we are living in a me society, that says I
want it and I want it now. There is no such thing as consequences, is there?
It is time to end the name calling and the political insults and start to work our way out of the
problem. Right now we have the Democrats in Washington behaving like there is a problem
but its not all that serious. The Republicans know there is a problem, but they are too focused
on getting even for losing their power base a few years ago and the Tea Party, wow they are
something else again. They are going to change the system in midstream, without any regard
for the problem we are already in. Anger is not a state of mind to make serious decisions,
because there are consequences for that too, oh there's that word again consequences.
The real problem is all side lack the wisdom, the political fortitude, and the conscience to face
up to the consequences for what together we have done. We will not solve our problem, we
will blame each other until there are more consequences and there is one hell of a day of
reckoning coming, which of course means more consequences. If society wants someone to
blame together we should all look in the mirror.