Top positive review
Shows the role of Greenspan, Rubin, and Summers in blocking regulators from preventing the 2008 economic meltdown
on May 28, 2017
Our so-called economic experts, like Federal Reserve Board chair Alan Greenspan, who should have foreseen the 2008 economic meltdown, claimed that the meltdown was unforeseeable.
There is a great deal of evidence from other sources (e.g. Charles Ferguson's book Predator Nation), that there was nothing "accidental" about the crisis, and that it was in fact the result of criminal fraud among mortgage lenders, not factors beyond human control.
Frontline mostly fails to bring out that other evidence. From this video, it's hard to tell whether Greenspan, economics advisor Larry Summers, and Treasury Secretary Robert Rubin were "merely" high-paid fools, or whether they were actively helping cover up the crimes that helped inflate the bubble.
So why the 4 stars, when other sources are better? This video, as limited as it is, nonetheless shows what our top economic advisers were doing and saying in the early years of the crisis (the last 1990s). In particular, this shows that as the Commodities Futures Trading Commission (CFTC), headed by Brooksley Born, was trying to expose the "dark" markets for CDOs (Collateralized Debt Obligations), people like Greenspan, Summers, and Rubin actively sabotaged efforts not only to regulate the scammers, but even to gather and publish information that would have allowed investors to make better-informed decisions. Ultimately, they castrated the CFTC.
Greenspan comes across as a religious fanatic who worships the libertarian "god" of free markets so blindly that he cannot accept any fact, no matter how obvious, that conflicts with what he wants to believe.
Whether you believe Greenspan was a naive fool, or an active ally of the corporate criminal class, is up to you. But there's no doubt that he and Summers and Rubin helped gag the people who were warning about the coming crisis.