Charles B. Rangel Quotes
A default on our debts as a result of not meeting our obligations would be a disaster for the stock market, and Americans would see their retirement funds shrivel up.
Rangel, Charles B. "Press Release on the Debt Ceiling." Official House Website of Congressman Charles B. Rangel, U.S. House of Representatives.
Born thought that her agency was responsible for regulating the new esoteric financial products—derivatives including credit default swaps—for otherwise there would be no regulation at all of financial products that could dwarf the stock and bond market. Summers persuaded her to back off. When the Meltdown of 2008 hit, the huge derivative exposure of the large banks and some insurance companies was so great that it was one of the major causes for the meltdown of the entire banking system. Summers, normally a great economist not only called this one wrong, but later, along with most other government and private economists ignored a very explicit warning—See {637168}, {637986}, and {620038}.
Charles Bernard Rangel is an American politician who was a U.S. representative for districts in New York from 1971 to 2017. A member of the Democratic Party, he was the second-longest serving incumbent member of the House of Representatives at the time of his retirement, serving continuously since 1971. As its most senior member, he was also the Dean of New York's congressional delegation. Rangel was the first African-American Chair of the influential House Ways and Means Committee. He is also a founding member of the Congressional Black Caucus.