|
|
"A comprehensive, collaborative elections resource."
|
Geithner and Summers Protect Free Market Mantle Against Regulatory Reform
|
|---|
| Parent(s) |
Issue
|
| Contributor | Jason |
| Last Edited | Jason Nov 07, 2009 12:07am |
| Logged |
0
|
| Category | General |
| Author | Don Miller |
| News Date | Thursday, October 29, 2009 06:00:00 AM UTC0:0 |
| Description | Two key members of President Barack Obama’s economic team were part of a group of financial heavyweights that in the late 1990s helped to kill regulatory reform that might have limited the impact of the 2008 financial meltdown.
Now, as the administration’s primary proponents of free markets, they are again subverting efforts to tightly regulate trading activities and break up investment banks that are “too big to fail.”
According to a report on “Frontline,” a program broadcast by the Public Broadcasting System on October 20, current Treasury Secretary Timothy Geithner and Lawrence Summers, the Director of the White House Economic Council, were part of a group of free-market advocates that led a charge against proposed regulations to limit trading in over-the-counter (OTC) derivatives during the Clinton administration.
Those laissez-faire policies later led to a twenty-fold increase in the OTC markets over a ten year span – a house of cards that collapsed and spun the global economy into what is now being called the Great Recession. |
| Share |
|
|
2¢
|
|
| Article | Read Full Article |
|
| Date |
Category |
Headline |
Article |
Contributor |
|
|
