U.S. Panel Finds Financial Crisis Was 'Avoidable,' NYT Reports

U.S. Panel Finds Financial Crisis Was 'Avoidable,' NYT Reports

www.bloomberg.com

The 576-page report, due to be released tomorrow, found that shoddy mortgage lending, excessive securitization of loans and speculative gambling on such securities triggered the crisis, the Times said.

(visit the link for the full news article)

What? It takes them over 2 years and a 576 page report to say what has always been said on ATS. Really makes my head spin. But still at least they are reporting it.
So it was "avoidable", so who's going to take the blame? And just who is going to make it all good and how? What is the point? Is someone going to be charged? with what? many questions, no answers, so I leave it to ATS to find them answers.

www.bloomberg.com
(visit the link for the full news article)

The article had some facts which were noted in alternative media channels some time ago. The article made it sound as if U.S. government finally found the miracle solution out of the trillions debt financial mess. Yeah right, rigged financial systems and fabricated unemployment figures.

Marc Faber commented on Bush, "He may have been wrong, but at least he didn't change his mind continuously, and didn't prostitute himself".



Obama is the same as most presidents of United States in terms of economic management.

reply to post by kaleshchand


good then we can put these people in jail. We all know it wasn't an accident they tanked our economy for personal gain then got bailed out by us. So now comes the question what do we do? Federal prison or hard core state prisons for the lot of them? I vote state prison and i also vote that if these people get anymore bonuses we seize the companies and their assets there should be a law that they cant have an off shore account if they do business here in case something goes wrong they lose everything as well. If they did that it would end all the bs

See my siggy link. I should probably update that thread b/c I've changed my mind as to why it was done, but the way it was done still stands. The US Govt under Bush Jnr could not possibly, under any circumstances short of collective brain damage, have not known exactly what would happen.

This report will be a whitewash. I guarantee it. It wasn't until I realised just how much money flowed out of Europe into the USA via Goldman Sachs & how that happened that I understood.

There is no doubt in my mind that Standard & Poor deliberately overrated the risk-worthiness of US mortgages. How in the name of Adam Smith was it possible for S&P to have not noticed that in an economy of rising unemployment, majorly burgeoning consumer personal debt & a falling US$, those mortgages were very shaky @best? It isn't. Still, all that was needed was GS to bundle up the debts into mildly incomprehensible packages with the S&P triple A stamp on them &, like any paper thats the buzz word du jour, traders would think they'd be missing out to their competitors if they didn't buy. How did such mortgages come about in the 1st place tho? Check my siggy link.

The whole thing was orchestrated from start to finish between the Bush Jnr Administration, Standard & Poor & Goldman Sachs. The purpose was economic warfare against the Euro. It partially worked. Even Iran @1 point converted Euro holdings into US$. However, something this nefarious cabal seem to have overlooked, which many do, is that the Eurozone earns more than it spends from trade, thus the Euro is backed by goods & services that people want. The US$ is backed by a monster annual Trade Deficit & a national debt that could not be paid even if it were somehow possible to sell every American into slavery. This is why the European Central Bank could create the slush fund to bail out failing European economies without much fear of inflation. Unlike Quantitive Easing which has now seen the Chinese devalue the US$ by 30%.

Who should go to jail? Start with Paul Wolfowitz.

so a government panel says 9/11 was not an inside job and you guys don't buy it and call B.S.


A government panel says the financial collapse was avoidable and blames certain people and you embrace it?

Government is Government. Im not saying it wasn't avoidable, but this thing points people out specifically...could be a hidden agenda.

But i guess some people want their cake and a shovel to eat it too.

reply to post by kaleshchand


Missed this one - and it didn't show up on my search - bump, S&F.

True - 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 credit marketing.

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.



Also see: blacklistednews.com