Critics Weigh In On Commission’s Report On The Causes Of The Financial Crisis

Friday, January 28, 2011 06:32
Critics Weigh In On Commission’s Report On The Causes Of The Financial Crisis

The Financial Crisis Inquiry Commission’s report on the roots of the 2008 economic meltdown landed like a bomb in the middle of Wall Street yesterday, setting off a chain reaction of articles and analyses reverberating through cyberspace.

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The New York Times published an overview of the Financial Crisis Inquiry Report that cites “fresh details in the blow-by-blow chronicle of regulatory negligence and Wall Street recklessness.” The report is based on more than 700 interviews, millions of e-mail exchanges and other records the commission is posting online.

USAToday published excerpts from the book that may whet your appetite for more.

Reuters columnist John F. Wasik praised the report but offered some areas that he believes should have received more attention and emphasis.

Bloomberg News columnist Jonathan Weil blasts the report as a warmed-over retelling of facts already in the public record.

Weil and other analysts point out that the commission was flawed from the start because it was bipartisan rather than nonpartisan. Instead of creating a panel of 10 political appointees, Congress should have formed a true investigative body directed by seasoned prosecutors, Weil says. Sounds like a good argument.

Finally, NPR offers a balanced, if brief, analysis of the report and the two dissenting reports issued by the Republican members.

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