In this case, I hate to say I told you so but I did and I’m not the only one. Rob at Fact-esque points to an FDL post that harkens back to a GAO report that laid it all out 14 years ago when the derivatives market was invented. Under Clinton. Who also had little interest in regulating the financial sector that provided him mucho campaign dinero. Despite the heavyweights who are denying all knowledge that anything was amiss.
Alan Greenspan was forced to admit he had “put too much faith” in the power of an unrestricted market, which is a bit like a Japanese filmmaker saying he put too much faith in Godzilla. “Too Much” belief in a cartoon of the real world is not exactly a forgivable, legitimate reason for allowing the planetary economy to self-destruct because, after all, your rich friends got a whole lot richer for a while there for as long as they could maintain the myth. “Sorry, I didn’t realize stomping on your head with hobnail boots was going to crunch your skull” a) doesn’t do me much good when I’m dead and b) isn’t credible since everyone who has ever seen a boot or a skull and isn’t a MORON would be able to tell what would be likely to happen when they met.