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April 04, 2008
"Betting" on the economy, Fresh Air explains derivatives
Yesterday, Professor Michael Greenberger of the University of Maryland joined Terry Gross on NPR's Fresh Air for a show Our Confusing Economy, Explained to explain how political decisions have helped lead to the economic crisis. It's a long-ish interview (39 minutes) but well worth the time since Greenberger has insider knowledge of how Enron and the current crisis are related. He explains how a bill pushed by former Senator Phil Gramm (R-TX) in 2000 to deregulate the trading of complex energy and financial derivatives led to Enron's rise and fall and then later to the current economic mess. Greenberger is a former senior official of the Commodity Futures Trading Commission (CFTC). Here is recent testimony by Professor Greenberger.
Posted by Ed Mierzwinski at April 4, 2008 09:04 AM
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