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Politics

Submission + - the economic meltdown (fcic.gov)

astar writes: You might have noticed that, starting in 2007, we chose to spend double-digits of trillions USD on bailouts. This became big news in 2008. So Congress types eventually authorized the Financial Crisis Inquiry Commission. Its dead tree report is on some major best seller lists.. and it is also freely available on a gov web site:

http://www.fcic.gov/

As a result, some people are quite unhappy.

I like to call the commission the Angelidis Commission, thinking of the Pecora commission. For those who do not know the reference, in the last depression, Pecora led the charge that put enough Wall Street type in jail to break opposition to getting real constraints implemented on speculation. A key element therein was Glass-Steagall (two versions). We got rid of this law completely in 1999. Bad move, IMO.

Enjoy.

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