THE WARNING: Long before the meltdown, one woman tried to warn about a threat to the financial system.

This is courtesy of PBS FRONTLINE: THE WARNING

 

“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] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

to see the rest of the video you can go to PBS

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One Response

  1. […] Brooksley Born was right, a very long time ago, to fear the “dark markets” of over-the-counter derivatives and what those would bring. […]

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