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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-12-08 07:52 PM
Response to Original message
73. More significant info
Edited on Sun Oct-12-08 07:59 PM by elleng
'The nations leading financial officials Levitt, Federal Reserve Chairman Alan Greenspan, Secretary of the Treasury Robert Rubin, and his deputy Lawrence Summers pummeled the proposal, saying it was dangerous to even discuss the idea. Led by Rubin, Levitt and Greenspan, the Clinton White House instead proposed a modest set of reforms. Months later, Clinton Administration officials walked away from their own recommendations, concluding the market could be best managed by the financial industry.

Neither Rubin, Summers, nor Greenspan would comment for this story. Rubin and Summers are serving as economic advisers to Democratic presidential nominee Barack Obama, who has repeatedly blamed the financial crisis on regulatory failures of the Bush Administration.

Levitt, the longest serving head of the SEC, said Democrats and Republicans should be held responsible. Asked about Democratic House Speaker Nancy Pelosis observation that the financial collapse can be blamed on the anything goes policies of the Bush Administration, Levitt said, No, I think it goes back before that. This was decided under Clinton as well.'

http://www.propublica.org/feature/former-clinton-offici... /

GRAMM IS THE WORST ATTRIBUTE OF A MCC ADMIN:

...Long-Term Capital was looked at as such an aberration, recalled Levitt, that the Working Group did not see the need for systemic change. He also said that strong personalities like Sen. Phil Gramm (R-Texas) the banking committee chairman, opposed the change.

Phil Gramm in particular, with Alan Greenspan, were patron saints of the derivatives business, says Levitt. They clearly wanted that business to be unregulated.

During the production of the April 1999 report, Brooksley Born retired, and with her exit, impetus for regulation disappeared. Larry Summers replaced Bob Rubin as Treasury Secretary soon after. Six months later, a new Presidents Working Group report (pdf) suggested that, far from regulating derivatives, Congress should expressly exempt them from oversight. Later that month, the commission quietly withdrew its proposal.

In late 2000, Gramm, currently one of the top economic advisers for Republican presidential nominee Sen. John McCain, sponsored an amendment that, among other things, prohibited the commission from regulating derivatives.'



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  -The Woman Who Tried To Save Us From This Wall Street Mess DeSwiss  Oct-11-08 11:39 PM   #0 
  - Kicking so this doesn't get locked  w8liftinglady   Oct-11-08 11:43 PM   #1 
  - Thanks!  DeSwiss   Oct-11-08 11:51 PM   #2 
  - Gee, only a woman could see this coming...  rfranklin   Oct-12-08 05:48 PM   #55 
     - I have no idea how you came to such a conclusion....  DeSwiss   Oct-12-08 08:59 PM   #87 
  - Doesn't Obama unfortunately have Rubin as his chief financial adviser?  alllyingwhores   Oct-13-08 12:51 PM   #106 
  - Bookmarking for later. Must go to sleep. Thanks for posting. n/t  myrna minx   Oct-11-08 11:54 PM   #3 
  - De nada!  DeSwiss   Oct-11-08 11:57 PM   #4 
  - It's time to burn down the mission, if we're gonna stay alive  seemslikeadream   Oct-11-08 11:59 PM   #5 
  - If it isn't already too late....  DeSwiss   Oct-12-08 12:02 AM   #6 
  - Another Great Set of Lyrics...  Steely_Dan   Oct-13-08 03:05 PM   #110 
  - i may have gotten that warning in my Washington Monthy  pansypoo53219   Oct-12-08 12:09 AM   #7 
  - What is worse....  DeSwiss   Oct-12-08 12:19 AM   #10 
     - That article makes the lot of them look derelict of duty n/t  Oak2004   Oct-12-08 08:56 PM   #86 
        - I totally agree.  DeSwiss   Oct-12-08 09:07 PM   #88 
  - k&r  Swamp Rat   Oct-12-08 12:15 AM   #8 
  - Swamp Rat....  DeSwiss   Oct-12-08 12:21 AM   #12 
     - Thanks. Here's a new one:  Swamp Rat   Oct-12-08 12:23 AM   #14 
        - Damn!  DeSwiss   Oct-12-08 12:30 AM   #16 
        - You'll get some freepers fawning over this one because...  SurferBoy   Oct-12-08 06:22 AM   #29 
        - LOL -- Good stuff.  Mr_Jefferson_24   Oct-13-08 12:51 AM   #97 
  - Another Cassandra...warning, but being ignored.  BrklynLiberal   Oct-12-08 12:19 AM   #9 
  - That's because they couldn't see the TRUTH for the.....  DeSwiss   Oct-12-08 12:22 AM   #13 
  - Thanks ...  slipslidingaway   Oct-12-08 12:20 AM   #11 
  - And Greenspan....  DeSwiss   Oct-12-08 12:26 AM   #15 
     - Financial Economists Roundtable - 1994  slipslidingaway   Oct-12-08 12:37 AM   #18 
        - So all these economists were calling for no regulation?  riverdeep   Oct-12-08 12:43 PM   #41 
           - That was their conclusion, but I just happened on this link...  slipslidingaway   Oct-12-08 05:57 PM   #56 
  - Back in 1993 someone suggested a trade tax on derivatives  slipslidingaway   Oct-12-08 12:33 AM   #17 
  - As per usual....  DeSwiss   Oct-12-08 12:46 AM   #19 
     - I have not searched for info on the hearings yet...  slipslidingaway   Oct-12-08 12:59 AM   #21 
  - It might be too late but this is good to know.  Chimichurri   Oct-12-08 12:57 AM   #20 
  - It could very well be....  DeSwiss   Oct-12-08 01:11 AM   #22 
  - Perhaps Obama could tap her for Secretary of the Treasury  BanzaiBonnie   Oct-12-08 01:14 AM   #23 
  - ROFL!!!  DeSwiss   Oct-12-08 01:25 AM   #24 
  - Whats the difference between praying in church, and praying at the casino?  Snotcicles   Oct-12-08 08:40 AM   #31 
  - kickin  thecrow   Oct-12-08 05:22 AM   #25 
  - Brooksley Born for Treasury Sec!  magellan   Oct-12-08 05:27 AM   #26 
  - It was a bad case of "expertitis". K&R  Waiting For Everyman   Oct-12-08 05:40 AM   #27 
  - From the NYT article - astounding idiocy from Greenspan  muriel_volestrangler   Oct-12-08 05:56 AM   #28 
  - However....  DeSwiss   Oct-12-08 08:50 AM   #32 
  - Die Hard economic ideologist  JDPriestly   Oct-12-08 08:27 PM   #82 
  - KandR  Dystopian   Oct-12-08 08:21 AM   #30 
  - The former is much more problematic to achieve....  DeSwiss   Oct-12-08 09:03 AM   #33 
  - More and more, we're finding out that these people scammed us  Hydra   Oct-12-08 09:56 AM   #34 
  - Your assessment pretty much....  DeSwiss   Oct-12-08 07:00 PM   #57 
  - some more on that filthy rotten greenspan.....  leftchick   Oct-12-08 10:05 AM   #35 
  - Thank you!  DeSwiss   Oct-12-08 07:07 PM   #60 
  - K&R  JNelson6563   Oct-12-08 10:06 AM   #36 
  - I'm like you....  DeSwiss   Oct-12-08 08:23 PM   #79 
  - We need a new Currency Based on Labor and not Credit and Debt.  trthnd4jstc   Oct-12-08 10:55 AM   #37 
  - I'm not sure how that would work....  DeSwiss   Oct-12-08 07:14 PM   #61 
     - How it would work:  trthnd4jstc   Oct-12-08 09:31 PM   #91 
  - K&R  Blue State Native   Oct-12-08 11:00 AM   #38 
  - K&R. Thanks for posting.  speedoo   Oct-12-08 12:06 PM   #39 
  - You're welcome!!!  DeSwiss   Oct-12-08 07:15 PM   #62 
  - I don't know if it is the Congressional Medal of Honor, but Brooksley E Born  KCabotDullesMarxIII   Oct-12-08 12:18 PM   #40 
  - The highest civilian award is the Presidential Medal of Freedom  jmowreader   Oct-12-08 03:05 PM   #46 
  - Unfortunately, due to the major influence of the CABAL  truedelphi   Oct-12-08 03:23 PM   #48 
  - Ironical in a way: people like Orwell and Onion guys set out to write satires,  KCabotDullesMarxIII   Oct-12-08 04:01 PM   #49 
  - I agree wholeheartedly.  DeSwiss   Oct-12-08 07:21 PM   #63 
  - There is one problem here.  riverdeep   Oct-12-08 12:51 PM   #42 
  - Greenspan: I think Bill Clinton was the best Republican president weve had in a while.  w4rma   Oct-12-08 02:33 PM   #45 
  - Greenspan/Clinton-DLC . . . perfect together....!! Want more of it--???  defendandprotect   Oct-12-08 07:06 PM   #59 
  - That's not just a problem....  DeSwiss   Oct-12-08 07:30 PM   #65 
  - How many disasters does this make?  riverdeep   Oct-12-08 01:05 PM   #43 
  - In this case....  DeSwiss   Oct-12-08 07:35 PM   #66 
  - K & R  malaise   Oct-12-08 01:20 PM   #44 
  - ABSOLUTELY  seemslikeadream   Oct-12-08 03:10 PM   #47 
  - You've got that right!  DeSwiss   Oct-12-08 07:36 PM   #67 
  - K&R  varelse   Oct-12-08 04:04 PM   #50 
  - You're very welcome.  DeSwiss   Oct-12-08 07:39 PM   #68 
  - "promote to his team economists who haven't contributed to the ugly mess"  redqueen   Oct-12-08 04:17 PM   #51 
  - Right on!!!  DeSwiss   Oct-12-08 07:40 PM   #69 
  - OK, good- Treasury candidate unearthed  NBachers   Oct-12-08 04:41 PM   #52 
  - I think we need....  DeSwiss   Oct-12-08 07:48 PM   #70 
  - It's the same Lawrence Summers  spooky3   Oct-12-08 04:59 PM   #53 
  - ps - I like the advice to Obama - and why not hold Congressional hearings now and ask her to speak?  spooky3   Oct-12-08 05:00 PM   #54 
  - Better still....  DeSwiss   Oct-12-08 07:53 PM   #74 
     - yes, that's the advice in the article I meant to refer to  spooky3   Oct-13-08 01:30 PM   #108 
  - I hadn't been aware...  DeSwiss   Oct-12-08 07:51 PM   #72 
     - It's one of the reasons he was ultimately "persuaded" to leave Harvard  spooky3   Oct-13-08 01:33 PM   #109 
  - Nothing like the boys getting together . . . . Summers is a pig ---  defendandprotect   Oct-12-08 07:03 PM   #58 
  - I couldn't agree with you more!  DeSwiss   Oct-12-08 07:59 PM   #75 
     - Personally, I'm coming to think that the "Southern Strategy" was a lie . . .  defendandprotect   Oct-13-08 12:27 AM   #96 
  - PRAY that he does this!  elleng   Oct-12-08 07:29 PM   #64 
  - *sigh* and are we SURPRISED??? Hell no.  grannylib   Oct-12-08 07:51 PM   #71 
  - He's probably not using them anyways.....  DeSwiss   Oct-12-08 08:00 PM   #76 
  - More significant info  elleng   Oct-12-08 07:52 PM   #73 
  - I think that you've....  DeSwiss   Oct-12-08 08:13 PM   #77 
     - You are probably correct;  elleng   Oct-12-08 08:27 PM   #81 
        - Levitt was the only one....  DeSwiss   Oct-12-08 09:24 PM   #89 
           - I too worked in government,  elleng   Oct-12-08 10:36 PM   #94 
  - Greenspan Gramm Republican Congress all to blame for the  lovuian   Oct-12-08 08:14 PM   #78 
  - Yep.  DeSwiss   Oct-12-08 08:41 PM   #83 
  - a mess  joebreak1   Oct-12-08 08:23 PM   #80 
  - Great poem/lyrics!!!  DeSwiss   Oct-12-08 09:34 PM   #93 
  - Well here, it wasn't just Repubs in Congress screwing everyone over  brentspeak   Oct-12-08 08:48 PM   #84 
  - And we should never forget that connection.  DeSwiss   Oct-12-08 09:28 PM   #90 
  - Great Find!  Bryn   Oct-12-08 08:55 PM   #85 
  - You're very welcome!!!!  DeSwiss   Oct-12-08 09:31 PM   #92 
  - K&R. "The three marketeers' disdain for modest regulation...  Mr_Jefferson_24   Oct-13-08 12:11 AM   #95 
  - Your perspective on this is spot on.  DeSwiss   Oct-13-08 02:49 AM   #98 
     - Thanks. I like the Mark Twain quote.  Mr_Jefferson_24   Oct-13-08 04:39 AM   #99 
        - Having watched Bill Clinton's blooming career....  DeSwiss   Oct-13-08 05:16 AM   #100 
  - Born's testimony was Oct 1, 1998  KewlKat   Oct-13-08 07:47 AM   #101 
  - Thank you for this.  DeSwiss   Oct-13-08 07:18 PM   #112 
  - Do You believe, these male Mo-lochs, all in bed with Ayn Rand, have any regret for the misery caused...  Broadslidin   Oct-13-08 08:31 AM   #102 
  - Why hell no!!!  DeSwiss   Oct-13-08 07:22 PM   #113 
  - Rubin is an economic adviser to Obama. :( n/t  antimatter98   Oct-13-08 11:32 AM   #103 
  - That is true, but I do not think Rubin will be influential the way he was in the '90s.  beachmom   Oct-13-08 11:37 AM   #105 
  - Do you really believe that?  Horse with no Name   Oct-13-08 12:57 PM   #107 
     - It looks like a bunch of dead bodies thrown under the rug  nolabels   Oct-13-08 03:20 PM   #111 
  - Yes.  DeSwiss   Oct-13-08 07:25 PM   #114 
  - Obama - Mccain -M$M deem this to be a non-story?  Imagevision   Oct-13-08 11:37 AM   #104 
     - At this point....  DeSwiss   Oct-13-08 07:36 PM   #115 
 

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