She Predicted the 2008 Financial Crash a Decade Early
Brooksley Born proposed oversight for the growing derivatives market in 1998. As chair of the CFTC, she warned these unregulated financial instruments posed systemic risks. Alan Greenspan, Robert Rubin, and Larry Summers fiercely opposed her, claiming regulation would stifle innovation. Congress blocked her efforts. Ten years later, derivatives played a central role in the 2008 financial collapse. The resulting global recession cost millions their homes and jobs. A $700 billion taxpayer bailout followed.
