Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
Edison NJ
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="klein" data-source="post: 635051" data-attributes="member: 23950"><p>It's a shame, this news documentary doesn't work outside of Canada.</p><p>But, most of you are right.</p><p>Reagen created the mess the USA now faces.</p><p>With de-regulation.</p><p>And actually nothing has been done yet, to solve another huge meltdown !</p><p></p><p><strong>The Warning</strong></p><p></p><p>Monday November 9, 2009 at 10 pm ET/PT & Sunday November 15 at 8 pm ET on CBC News Network</p><p></p><p></p><p>"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission (CFTC). In the late 1990's she not only warned of the potential for economic meltdown, but also tried to convince the country's key economic power brokers to take actions that could have helped avert the crisis. In the devastating aftermath of economic meltdown, The Warning sifts through the ashes for clues about why it happened and examines critical moments when it might have gone much differently."They were totally opposed to it," Born says of her warning. "That puzzled me. What was it that was in this market that had to be hidden?"</p><p></p><p><em>The Warning</em> unearths the hidden history of North America's worst financial crisis since the Great Depression. At the center, veteran PBS producer Michael Kirk <em><u><span style="color: #0066cc">(Inside the Meltdown</span></u></em>) discovers Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multi-trillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.</p><p></p><p>"I didn't know Brooksley Born," says former SEC Chairman Arthur Levitt, a member of President Clinton's powerful Working Group on Financial Markets. "I was told that she was irascible, difficult, stubborn, unreasonable." Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and former Treasury Secretary Robert Rubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake."</p><p></p><p>Born's battle behind closed doors was epic, Kirk finds. The members of the President's Working Group vehemently opposed regulation -- especially when proposed by a Washington outsider like Born.</p><p>"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.'"</p><p></p><p>Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves."</p><p></p><p>Now, with many of the same men who shut down Born in key positions in the Obama administration, <em>The Warning</em> reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.</p><p></p><p>"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience."</p><p><em>The Warning</em> is a co-production between the Kirk Documentary Group and Frontline. The writer and director is Michael Kirk.</p></blockquote><p></p>
[QUOTE="klein, post: 635051, member: 23950"] It's a shame, this news documentary doesn't work outside of Canada. But, most of you are right. Reagen created the mess the USA now faces. With de-regulation. And actually nothing has been done yet, to solve another huge meltdown ! [B]The Warning[/B] Monday November 9, 2009 at 10 pm ET/PT & Sunday November 15 at 8 pm ET on CBC News Network "We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission (CFTC). In the late 1990's she not only warned of the potential for economic meltdown, but also tried to convince the country's key economic power brokers to take actions that could have helped avert the crisis. In the devastating aftermath of economic meltdown, The Warning sifts through the ashes for clues about why it happened and examines critical moments when it might have gone much differently."They were totally opposed to it," Born says of her warning. "That puzzled me. What was it that was in this market that had to be hidden?" [I]The Warning[/I] unearths the hidden history of North America's worst financial crisis since the Great Depression. At the center, veteran PBS producer Michael Kirk [I][U][COLOR=#0066cc](Inside the Meltdown[/COLOR][/U][/I]) discovers Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multi-trillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008. "I didn't know Brooksley Born," says former SEC Chairman Arthur Levitt, a member of President Clinton's powerful Working Group on Financial Markets. "I was told that she was irascible, difficult, stubborn, unreasonable." Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and former Treasury Secretary Robert Rubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake." Born's battle behind closed doors was epic, Kirk finds. The members of the President's Working Group vehemently opposed regulation -- especially when proposed by a Washington outsider like Born. "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. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves." Now, with many of the same men who shut down Born in key positions in the Obama administration, [I]The Warning[/I] reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one. "It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience." [I]The Warning[/I] is a co-production between the Kirk Documentary Group and Frontline. The writer and director is Michael Kirk. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
Edison NJ
Top