If you have time (Tim), I'd recommend watching this week's Frontline.
It traces the story of a confrontation between Alan Greenspan's Laissez-Faire crowd and little-known bureaucrat Brooksley Born over the regulation of the over-the-counter derivatives market. Born essentially warned of the financial meltdown that we've been experiencing ten years before it actually happened. But she was defeated in her attempt to get any regulation (even after a near meltdown) by an economic junta of sorts led by Greenspan (not to mention I'm sure the financial lobby).
The story is pretty interesting but also pertinent to the ongoing debate in congress (though very little in the media these days). I can't claim to understand OTC derivatives at all, but the market apparently continues to be secretive with no government oversight, and a lot of the bad assets that led to the financial crash were derivatives. Greenspan has since admitted that his philosophy had been wrong, and there is a bill working its way through congress, but the financial lobby has been working hard to make it better suit their tastes.
It's pretty crazy that a bunch of companies just pushing around money can bring our entire economy to its knees and put so many people out of work. It's also surprising that after the economic collapse and resulting public anger they are still so reluctant to change. Anyway, I'm glad that Frontline did this piece, because it's pretty clear to both the Wizard and most of the American public that a certain amount of regulation is actually good for the economy. Hopefully our lawmakers are able to stand up to their financers and get something meaningful passed.
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