Tom Woods on Frontline Tonight

Tuesday, October 20, 2009
Posted in category Economics
Just kidding!!!
 
FYI on Frontline tonightFRONTLINE INVESTIGATES THE ROOTS OF THE FINANCIAL CRISIS
In the devastating aftermath of the economic meltdown, FRONTLINE sifts through the ashes for clues about why it happened and examines critical moments when it might have gone much differently. Looking back into the 1990s, veteran FRONTLINE producer/director Michael Kirk (Inside the Meltdown, Breaking the Bank) discovers early warnings of the crash, reveals an intense battle among high-ranking members of the Clinton administration and uncovers a concerted effort not to regulate the emerging, highly-complex and lucrative derivatives markets that would become the ticking time bomb within the American economy.
Reading the press release, we can understand why no Austrians were interviewed for the film.
Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. “Born faced a formidable struggle pushing for regulation at a time when the stock market was booming,” Kirk says. “Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves.”
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9 Responses to Tom Woods on Frontline Tonight

  1. clark says:

    October 20th, 2009 at 5:30 pm

    Tom Woods on Frontline, now THAT would be interesting… guess I’ll have to settle for seeing him on PBS, which wasn’t half bad at all. Without Tom Woods, they’re going to use that guy with the serious and official sounding voice to make it seem like there is no dispute and this is the fact of the matter, when it’s not. I imagine there’s probably going to be a number of high school or college classrooms have a TV wheeled into the room so they cam be exposed to this pro-state propaganda and many will accept this as truth because they’ve been listening to this same voice for years, and it must be truth if this guy is saying it. I hope people see through the BS.

  2. Bob Roddis says:

    October 20th, 2009 at 6:38 pm

    If you’ve watched the previous episodes, you know that you will be getting the mainstream point of view in slick and somber tones. How in the world would we understand what is going on in the world without government supported news documentaries?

    What a nightmare.

  3. Jeannie Queenie says:

    October 22nd, 2009 at 12:48 am

    Bob and Clark,

    I don’t know where you got the idea that this was a govt supported news docu. If anything, for those of us who watched THE WARNING, as well as tivoed it for more viewing, it was a real expose of just how corrupt govt is and how they can try to destroy anyone who attempts to point out the prevailing crookedness. If you had watched this, you would learned that Ms. Brookley Born, head of CFTC, warned the feds of how the derivatives market would bring down the american economy and destroy americans hard earned dollars. Of course, she being a woman, her advice was not only ignored, but she was castigated for saying such a thing. Upshot of the program was that within a few weeks of them ousting her, the first hugh financial leak took place only to be followed by many more which lead to the fiasco we’ve been witnessing for months now. I am shocked that such a revelation even made it to public tv, for this particular docu is a real indictment of the powers that be…at that time, they included both Greenspan, Sommers, Rubin and Leavitt, all of whom had a devious hand in the downfall of our economy. Basically we had a black box in which derivatives reigned…no accounting, no paperwork to prove what they were doing..and in fact, to even get anyone to explain what they were doing was impossible for no one even knew how they worked. IT WAS A BLATANT FRAUD…AND GUESS WHAT, THE VILLAGE IDIOTS ARE STILL GOING TO USE THEM NOW AND IN THE FUTURE EVEN THOUGH IT BROUGHT THE COUNTRY DOWN..HOW IS THAT FOR TRANSPARENCY AND ACCOUNTING? It is all a big joke on the american public. The only man interviewed who had the cahonies to praise Ms Boorn was Leavitt who deeply regretted that they put her down and did not listen to her;, for hers was the voice of reason and honesty. This dark market still exists and could prepare us for the next wave of financial insanity. What you abuse you lose, and Obama chose today to punish some banks by forcing CEO’s to take a 90% cut in bonuses. Unfortunately I did not see Goldman Sachs listed…and if my perceptions are right, those jokers are some of the biggest crooks of all, so it makes one wonder about Paulson/GeitHner and Obama’s cozy relationship, no?

  4. Karen De Coster says:

    October 22nd, 2009 at 5:58 am

    Jeannie – Ms. Born also wants the government to regulate markets. And the worst part is … the documentary blamed all the wrong things for the financial crisis. It gets everything wrong, and blames Greenspan & Co. for being too “free market,” which is a very erroneous view consistently foisted on the American public.

  5. Jeannie Queenie says:

    October 22nd, 2009 at 5:07 pm

    Karen, you and I know that free markets are the one and only way to go. The big problem in this country now are those who view FREEDOM AS LICENSE…and choose to screw others in every way, shape and form. I for one, really resent the hell out of some companies CEO’S whose stocks I have bought in the past only to have said bozos bring nothing to the table of value except pools of red ink in some instances, yet took home bonuses out of the statosphere. It is unethical morons such as these who abuse the system..and like I said, what you abuse you lose..and in time, this system will crash. If anyone actually believes that uncle sam propping up govt via stimulus funds will work is living in la la land. So did you take note that some major banks CEO’S are getting hugh cuts in bonuses, and NO ONE, BUT NO ONE, IS POINTING A FINGER YET AT GOLDMAN SACHS VIS A VIS GEITHNER AND PAULSON? iF Ms. Born is looking to regulate we can thank crooks for bringing us to this state of affairs. I repeat, free markets do not give anyone the right to lie, cheat or steal, as many of these bozos are wont to do. Ayn Rand never described free markets in terms of what these guys did.

    Karen, I know that derivatives alone were not the sole reason for the big fall, but what do you mean by this…”.And the worst part is … the documentary blamed all the wrong things for the financial crisis.” If these derivatives built out of thin air didn’t play a hugh part, pray god, what did? Pls inform me on what I am missing here with the bad eggs!I did not get the impression that this docu blamed greenspan for his ‘free market’ thinking, but instead revealed what a stinking lot of guys these were for playing the FRAUD CARD AT AN UNIMAGINABLE LEVEL LIKE NEVER SEEN BEFORE. FRAUD AND FREE MARKETS CANNOT COEXIST AND MAKE FREE MARKETS THRIVE. Crooks cater crap, period.

  6. Karen De Coster says:

    October 22nd, 2009 at 5:24 pm

    Jeannie — at square one, none of the financial shenanigans could have happened without the federal reserve’s easy money policy. These people refuse to see or admit that. The film did blame Greenspan & Co. for their hands-off (haha), free-market (haha) ways, and claims that large-scale govt. regulation could have prevented the crisis. This whole thing did not happen because of derivatives.

  7. clark says:

    October 22nd, 2009 at 6:02 pm

    The, “more regulations are needed and gov’t could have prevented this” mindset vs. the, “none of the financial shenanigans could have happened without the Fed’s easy money policy” mindset are exactly the dividing ideas in many people’s minds. It is why I left thehousingbubbleblog.com too many people (but not all) saw things Jeannie Queenie’s way, facts be damned. Does it all boil down to Fascilism vs. free market capitalism? It sure seems that way.

  8. Jeannie Queenie says:

    October 22nd, 2009 at 8:21 pm

    The ‘easy’ money was so easy that it was actually NON existent..if you are saying that derivatives, like the ‘dollar’ is phantom ‘easy money”, I would agree, for the dollar is no more. China finds us laughable.
    As I see it, derivatives were an extension of an already existing con game (easy money), albeit a more sophisticated one. In all of this rush to ‘change’ things, note that the rating agencies are not being touched, and they are the canary in the mine to warn of bad news. As a caveat, I would add that numbskull americans helped to bring about the big fall via signing up for liar loans, pushing their high interest credit cards to the max coupled with no-money down ARMS. So in that sense, it wasn’t just derivatives, nor easy money, it was pseudo or crooked money that had both supply and demand, showing that humans can be incredibly stupid when given the chance to be just that. So to save us from ourselves now we will have a whole new bureaucratic arm created: The Consumer Financial Protection Agency. “Here little kiddies, we will save you from your stupidity”.

    After all is said and done, global banking systems are nothing more than a massive Ponzi scheme designed to keep citizens 100% dependent upon government. A mind-boggling $1 quadrillion (1,000,000,000,000,000) is held globally in exotic financial instruments called derivatives. Derivatives are financial FICTIONS leveraging real assets hundreds of times, hence, viola– magic imaginary money!! Then
    when our Fed creates a dollar, they loan it at 1.02. But do not create the 2 cents to pay back the loan with. Multiply that 2 cents by trillions and you begin to see the big lie. The debt can never be allowed to be payed off, never ever, just passed around to the less fortunate. Hence, they scream for bailouts to prevent depressions. In such a system the serf can never win…that is, unless they abolish the feds and recoup honest money via gold. Funny isn’t it that Bin Laden would love to reinstate the gold standard…kind of makes one wonder, no?

  9. Thomas Jackson says:

    October 26th, 2009 at 8:30 am

    I never watch or listen to anything that is produced by the Publicly-extorted BS network. I did go to Frontline’s website and look at the interview list. As soon as I saw that Thomas Woods (the real MELTDOWN author) was not on the list, I knew instinctively that Frontline was focused on the symptoms not the disease. The Federal Government Kleptocracy and its boot-licking lackies at PBS would never empower a real expose of the criminals at the Fed.

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