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Are We Heading Towards A 1929-like Economic Crash?

[media id=2837] [media id=2838] (h/t Heather) There are some alarming signals and trends that are making economists very nervous that we are hurtli

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There are some alarming signals and trends that are making economists very nervous that we are hurtling towards another economic crash. On Friday's Bill Moyers Journal, guests Robert Kuttner and William H. Donaldson spoke on the parallels they see, especially as it relates to the giant inequities brought on by under-regulated hedge funds.

WILLIAM DONALDSON: Absolutely. The SEC is-- that's its role: investor protection. And a protection of the markets themselves, to make sure that they're being run properly.

ROBERT KUTTNER:And I would add that there are two purposes to regulation. One is to protect investors; the other's to protect the whole system from systemic risk, from meltdowns. And when people talk about George Soros can take care of himself, people forget that other purpose of regulation, it's to protect the whole system. And the other problem is that pension funds and university endowments and-- the endowments of charities are now investing in hedge funds. So it is funds that sort of--

BILL MOYERS: That scare you?

ROBERT KUTTNER: --little-- terrifies me.

BILL MOYERS: Terrifies you.

Full transcripts of the program available here.

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