Greenspan worked with Robert Rubin and others within the Clinton administration to prevent the Commodity Futures Trading Commission from regulating these new financial instruments.66 The sudden bankruptcy and bailout of the hedge fund Long-Term Capital Management in 1998 didn’t slow the deregulatory train. Rubin (at that point still treasury secretary) and Summers (at that time Rubin’s deputy secretary) insisted that “market discipline” should be relied upon to prevent problems, not federal regulation—in other words, the same self-regulation that hadn’t worked before. Then, Congress went
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