Thursday, October 9, 2008

The Best and the Brightest (Part 2)

The Best and the Brightest (Part 2)

By Jerome Grossman

Yesterday I blamed financial leaders and gurus for the financial turmoil destabilizing our country and the world without mentioning their names.

Today's New York Times, October 9, has the errors and the perpetrators in full gory detail led by Robert Rubin, Lawrence Summers, and especially Alan Greenspan. The heroes, ignored and unacknowledged, who tried and failed to establish an adequate regulatory process were Edward Markey and Brooksley Born.

Read the story and weep, then make sure that the people who made the mistakes do not get another opportunity to repeat.

/ | October 9, 2008
The Reckoning: Taking Hard New Look at a Greenspan Legacy
Derivatives have long had a great supporter in the former Federal Reserve Chairman Alan Greenspan

Tuesday, October 7, 2008

The Best and the Brightest

The Best and the Brightest
By Jerome Grossman

The current financial crisis is widely perceived as the greatest threat to the stability of the USA. This threat was

• Not caused by radical Islamic terrorists

• Not by Colombian drug lords

• Not by organized crime

• Not by radical right-wingers

• Not by radical left wingers

• Not by inner-city street gangs

This crisis was created by the best and the brightest Americans

• Educated at our finest universities

• The elite of our society by virtue of talent and riches

• The leading donors to our most deserving charities

• With the blessing of government leaders of both parties

Am I playing the blame game? You bet I am. The best and the brightest profited with enormous salaries, the adoration of the media, the perks accruing to the leaders of society. But they have failed and must step aside for new leaders. David Halberstam warned us that the best and the brightest would fight displacement by blaming others and impersonal forces for their failures as they did in the fiascos of Vietnam and Iraq. We must not allow that to happen.


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