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Financial Crisis Commission: What We've Learned

Thursday, January 27, 2011

Charles Herman, WNYC business and economics editor, has been monitoring the press conference and report from the Financial Crisis Inquiry Commission this morning - he offers his highlights.

→ Read A Primer on the Findings, Watch Live Video of the Panel, And Add Your Thoughts at It's A Free Country

Guests:

Charlie Herman

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Comments [5]

jps from Manhattan

My colleagues and I, we worked in the capital markets, saw this all beginning to occur in the 80's. I was doing repos in the 80's in Treasury debt and I was ordered to look at lowering the credit quality of repos. I asked the legal dept and they said that the attorneys were " working" Washington. The problem is not only correlated risk, the problem is that Congress is being bought out to arbitrage the laws in favor of the banking industry. FIX the corrupt practice of paying congress and "libertarian" tort reform in favor of businesses and removing regulations. Otherwise , we'll just keep on going from crisis to crisis. We can fix this.

Jan. 27 2011 11:03 AM
Sheldon from Brooklyn

Ayn Rand bashing there David?

Government's fault totally. Bankers, mortgage companies, irresponsible buyers were simply snakes being snakes.

Jan. 27 2011 10:59 AM
Robert from NYC

for the record i have called this a depression from almost the start. I want to be on record for that so that when in future it comes out that we are in fact in a depression I can say "I told you so!".
The hypocrisy and self-deception of this country is so rampant and deep seated in our most inner beings that we (you) don't even see and acknowledge it. Maybe Michelle Obama felt she had to retract the statement but I don't, I not so proud to be and American.

Jan. 27 2011 10:56 AM
bernie from bklyn

so it's just "woops!, sorry i made a big mistake" with no resolution? or is there some way to prosecute these people?
it's sad that no one wil go to prison for any of this...

Jan. 27 2011 10:52 AM
David from Queens

We all drowned in Greenspan's Fountainhead.

Jan. 27 2011 10:49 AM