Wednesday, January 26, 2011

Commission's Report Blames the Banksters

You'll recall the GOPers tried to defuse this by issuing their dissent a few weeks ago, but now the official report has been released and it blames the Banksters:
WASHINGTON — The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry.

The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.

“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.”
It also knocks down the bulk of the "it's all the fault of Frannie/Freddie and irresponsible borrowers myth" that the GOPers have been relentlessly pushing since the meltdown happened.

Don't expect anything much will come of this but it's good to see some reality injected into the conversation anyway.

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Blogger TDC said...

From the cited article "Of the 10 commission members, the six appointed by Democrats endorsed the final report. Three Republican members have prepared a dissent focusing on a narrower set of causes; a fourth Republican, Peter J. Wallison, has his own dissent, calling policies to promote homeownership the major culprit. "

The commission split down party lines. No consensus of any type. It hardly knocks down any so called "myths" you claim it does. The commission provides the multiple contributors many knew for the collapse. Depending ones party affiliation, a person can decide which members of commission to believe, and decide how the "blame" can be assigned.

Its not surprising that you sided with the 'dems version.

10:16:00 PM  

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