by Janet Crain
I remember my parents telling me about the Depression. They always said; "But that will never happen again. Regulations were put in place to prevent the stockmarket from ever falling again." And it just makes me furious that these so called brilliant geniuses removed those regulations.
The Times editorial writers deftly avoid criticising Barack “Mr Change” Obama, slamming Larry Summers while not missing a parting shot at the Bush administration and giving the Clinton administration a deregulatory pass.
Mr. Obama’s Economic Advisers
As treasury secretary in 2000, Mr. Summers championed the law that deregulated derivatives, the financial instruments — a k a toxic assets — that have spread the financial losses from reckless lending around the globe. He refused to heed the critics who warned of dangers to come.
That law, still on the books, reinforced the false belief that markets would self-regulate. And it gave the Bush administration cover to ignore the ever-spiraling risks posed by derivatives and inadequate supervision. Read More
Imus speaking with Lou Dobbs had this to say..
When Larry Summers was Treasury Secretary he was the guy for deregulating derivatives and wouldn’t take any advice from anybody. A bunch of people were jumping up and down saying this would be a nightmare bundling up all these mortgages and selling ‘em to each other.
To which Lou Dobbs responded..
The New York Times is funny as heck editorializing against deregulation while supporting the Clinton administration all the way through.
Of course we are talking about Lawrence Summers former Harvard University President, who hypothesised innate differences between men and women might be one reason fewer women succeed in science and math careers. Which from the NYT’s PC point of view makes him expendable or at least criticisable.
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