Financial Crisis Was Avoidable, Inquiry Finds

Financial Crisis Was Avoidable, Inquiry Finds

blacklistednews.com

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 b

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ATS'ers know this already, but official verification is still a good thing.

Still, this inquiry's results should be getting more press. Should we wonder if the riots and revolts are designed to distract from the inquiry's main conclusion:

“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done... If we accept this notion, it will happen again.”

The inquiry flagged "shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans" - and left out things like predatory marketing of credit.

Also, the changes to the Bankruptcy Act - enacted a couple of years before the crash - made it almost impossible for ordinary people to declare bankruptcy.

Looks like a set-up to me.






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