Tuesday, January 25, 2011
The Financial Crisis Inquiry Commission will release its report on the causes of the financial and economic crisis on January 27, 2011. The Commission reviewed millions of pages of documents, interviewed more than 700 witnesses, and held 19 days of public hearings in New York, Washington, D.C., and communities across the country that were hit hard by the crisis.
The New York Times reports that it examined the conclusions of the report, which finds that the crisis was an "avoidable" disaster, with plenty of blame to go around -- the failure of government regulation (under both Democratic and Republican administrations), corporate mismanagement, and reckless risk-taking by Wall St. None of the federal regulators escapes its scorn.
Of the ten Commissioner members, only the six Democrats endorse the report. There are two dissents by Republican commissioners.