Marcus Stanley

Marcus Stanley is the Policy Director of Americans for Financial Reform.

Recent Articles

Bernanke, Geithner, and Paulson's Lessons of the Crash

The Gang of Three draw the wrong conclusions from the 2008 bailout—and may set us up for a repeat.

AP Photo/Pablo Martinez Monsivais, J. Scott Applewhite Former Treasury Secretary Henry Paulson, former Treasury Secretary Timothy Geithner, and former Federal Reserve Chairman Ben Bernanke A fter the French Revolution it was famously said that the surviving Bourbon aristocrats had “learned nothing and forgotten nothing.” Judging by their recent op-ed piece in The New York Times , “What We Need to Fight the Next Financial Crisis,” the same could be said of Ben Bernanke, Tim Geithner, and Hank Paulson. As treasury secretaries and chair of the Federal Reserve, these three were the most powerful regulators of the financial system during the disastrous crisis of a decade ago. Yet they devote only a few words to their own failures to predict or prevent the last crisis (“Although we and other regulators did not foresee the crisis…”) and the lessons that might hold for today. Just a brief paragraph is devoted to the state of post-crisis regulations. Instead, the thrust of the editorial is...