Now that Greenspan's name is mud, it is interesting to look back at how the current fiscal mess could have been prevented. What makes me sad and angry is realizing this is just going to occur again.
PBS Frontline has an excellent episode on how the U.S. government was warned unregulated derivatives would create problems down the line. Whether you agree unregulated derivatives were the ultimate cause of the financial crisis is another thing, but this episode highlights where the power really is in Washington and how it can be abused. At this point, who is president and in Congress is basically irrelevant to our fiscal policy. That means we the people have no voice in our financial future.
Update: Check out what bloggers are thinking about Brooksley Born's questioning of Greenspan during last week's Financial Crisis Inquiry Commission hearing.
A clip is below.
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