I recorded the following audio clip from the Thom Hartmann show last year. In it Bill Seedman, the former head of the Resolution Trust Corporation and inventor of tranched, mortgage-backed securities (more commonly known as CDO's), discusses how his team went to the Federal Reserve to ask how their new financial instruments should be regulated, to which Alan Greenspan responded that they wouldn't be regulating them at all. He considered it to be a test of his free-market ideology. Now that the results are in, can we get rid of that debunked economic theory?
The clip is practically unbelievable.
Saturday, July 25, 2009
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