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I think that was a Roosevelt too, albeit a different one.
Austerity can only be implemented in the shadow of a concentration camp.
The regulator "did not sufficiently assess the susceptibility of highly illiquid, complex instruments," to ratings downgrades, Scott Polakoff told the banking committee in prepared testimony today. "In hindsight, OTS should have directed the company to stop originating credit-default swap products before December 2005."
Are you seriously going to argue in a sober voice that the Commodities Futures Modernization Act did not matter to AIG's failure?
Would you also have argued that if it had passed in 2001 instead of 2000?
Keep on dreaming.
Are you claiming the OTS would have had better luck under a Gore presidency than the CFTC had under the Clinton presidency? If so, on what grounds?
Even Clinton says derivatives dereg was a mistake.
Even Rubin admits he was wrong although in his typically self-serving way
While some people saw one or more of these factors, virtually no one involved in the financial system--whether institutions, investors, regulators, analysts, or commentators--recognized the breadth of forces at work or the possibility of a megacrisis, and this included the most experienced among us. More personally, I regret that I, too, didn't see the potential for such extreme conditions despite my many years involved in financial matters and my concern for market excesses.
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