Thread: Financial Crisis Inquiry Commission Slams Greenspan, Bernank

Tuesday, January 25, 2011

Financial Crisis Inquiry Commission Slams Greenspan, Bernanke, Geithner, Paulson, Summers, SEC, Rating Agencies and Big Banks for Causing Crisis

The Financial Crisis Inquiry Commission is releasing its report Thursday.

The New York Times has a preview of the report, http://www.nytimes.com/2011/01/26/busin ... O8P1JXp3fw which shows that the Commission will slam the right people for causing the financial crisis.

Barry Ritholtz gives a good summary of the Times' article: http://www.ritholtz.com/blog/2011/01/fc ... al-crisis/

The many causal factors highlighted in the FCIC report:

• Alan Greenspan’s malfeasance — his refusal to perform his regulatory duties because he did not believe in them — allowed the credit bubble to expand, driving housing prices to dangerously unsustainable levels; Greenspan’s advocacy for financial deregulation was a “pivotal failure to stem the flow of toxic mortgagesâ€

Financial crisis was 'avoidable,' inquiry finds

Panel's 576-page report accuses several financial institutions of greed, ineptitude


The report finds fault with Fed chairman Ben Bernanke, right, who did not foresee the crisis. Like Bernanke, President George W. Bush's Treasury secretary Henry Paulson, left, predicted wrongly — it turned out — that the subprime collapse would be contained, the report says.

By SEWELL CHAN
The New York Times
updated 55 minutes ago 2011-01-26

WASHINGTON — The 2008 financial crisis was an “avoidableâ€

Wednesday, January 26, 2011 2:35 AM

FCIC Investigation Misses the "Big Picture" Cause of the Crisis; Next Financial Crisis Brewing Already

The Financial Crisis Inquiry Commission (FCIC) held 19 days of hearings interviewing 700 witnesses and just released a 576-page book of its findings. The FCIC concluded the Financial Crisis Was Avoidable. http://www.nytimes.com/2011/01/26/busin ... .html?_r=1

The 2008 financial crisis was an “avoidableâ€

Thanks Airborn, gotta mark this one, plenty of info to warrant lynchings should the public ever demand accountability.

Still trying to determine if the thieves are gonna get away with their heist, or are Americans waking up?

Who sung the song "Tiny Bubbles"? Perhaps that could be a theme song for the future fed chairman?