Occupy San Miguel presents The Warning
By Jim Carey
Monday, July 28, at 1pm in the Quinta Loreto Hotel, TV room, Loreto 15, Occupy San Miguel presents PBS’s The Warning: the hidden history of the nation’s worst financial crisis since the Great Depression.
Film and discussion
Occupy San Miguel presents
Mon, Jul 28, 1pm
Hotel Quinta Loreto
At the center of it, we find Brooksley Born, first in her class and the first female editor of the Stanford Law Review who speaks now about her failed campaign, during the Clinton Administration, to regulate the secretive, multi-trillion-dollar derivatives market whose crash helped trigger the 2008 Meltdown.
“I didn’t know Brooksley Born,” says former SEC Chairman Arthur Levitt, a member of President Clinton’s powerful Working Group on Financial Markets. “I was told that she was irascible, difficult, stubborn, unreasonable.” Alan Greenspan and former Treasury Secretary Robert Rubin convinced him that Born’s attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was “clearly a mistake.”
Larry Summers told Born, “You’re going to cause the worst financial crisis since the end of World War II.”… [He says he has] 13 bankers in his office who informed him of this. ‘Stop, right away. No more.’”
Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves.”
Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.
“It’ll happen again if we don’t take the appropriate steps,” Born warns. “There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience.”
The movie is free and will be followed by a discussion.
On Tuesday, July 29, through Monday, August 4, Occupy San Miguel co-sponsors the Moving Beyond Capitalism conference at Hotel Misión, Salida a Querétaro 1. This progressive conference brings some 75 speakers from the Global South and North. For further information go to the Moving Beyond Capitalism 2014 website.