Letter to the Editor

Derivatives

Wednesday, July 6, 2011

Few people know Brooksley Born. She was chairperson for the Commodity Futures Trading Commission (CFTC). She tried to warn Clinton's financial team made up of Reuben, Greenspan, Summers and Levitt of what unregulated markets (derivatives) would do to the nation.

They fought against her. Congress, including Grassley, did not listen to her. They forced her out of office. A short time later, the markets fell into deep depression, shaking the world.

Brooksley Born warned them that the danger would happen again if they did not regulate derivatives. Eight years later, disaster hit again and we still have not recovered. Each time it gets worse. Congress has failed to restore the Glass-Steagull Act, which protected us.

Obama promised to fix the system, but he put into power the same unrepentant people who caused the problems. The fox was still in the hen house. Geithner, Summers and Greenspan fought against Brooksley Born. Ralph Nader said if you tax derivatives, you could pay the national debt quickly without putting the burden on taxpayers. Dennis Kucinich and Marcy Kaptur, representatives from Ohio, said the same thing. At least Greenspan repented, but too late.

Who is keeping Obama from taking this step? Unfortunately, Wall Street controls the president and any other president to come. Robert Reich, former Labor Secretary, said the conditions right now are like what they were in 1928, just before the big crash. The rich got fantastically rich. Busting unions is part of the plan.

Brooksley Born says another crash is going to take place if the system is not fixed. Republicans are fighting against regulation. Call Grassley and King. Find out why derivatives are not taxed or regulated. They will probably say they believe in a free market. The market will take care of itself. What they are really saying is that when the rich are not taxed the money will trickle down. In other words, you get the crumbs that fall from the master's table. It is an old English "let them eat cake" off the floor attitude. Thank Brooksley Born for standing up to the super rich on our behalf