On Thursday morning, the Financial Crisis Inquiry Commission released its final report to the president and the public on the causes of the 2008 financial crisis.
One major finding: The 2008 financial crisis was avoidable.
The ten-member commission was formed in 2009 to take a closer look at the causes of the financial meltdown and the resulting near-failure of major financial institutions who were eventually bailed out by the government.
The FCIC's report will be nearly 600 pages and is the result of nearly 700 witness interviews, reviews of millions of pages of documents and 19 days of public hearings around the country, many of them in New York.
Though bipartisan in name, the Commission was split down partisan lines throughout the investigation. Of the ten FCIC members, only the six Democrat-appointed Commissioners endorsed the final report.
Nocera, for one, agrees with the Majority report's finding that former Federal Reserve Chairman Alan Greenspan, and his support of deregulation of the banking system, is culpable.
I do think that he is the single most culpable individual in the entire thing. His refusal to take seriously the part of his job where he was to protect the banking system. He just opted out. And because he has such a profound deregulatory bias, and because he was so powerful in Washington and his instincts held so much sway, he basically caused the entire federal government to follow him off the cliff.
"A pox on all houses," quoth WNYC's economics editor Charlie Hermann, ala Shakespeare. The report quotes the bard as well: "the fault lies not in the stars, but in us."
So, a lot of this breaks down into the debate we've been having since 2008. What do you think? Who do you blame for the financial crisis, and do you think enough's been done to prevent the rest?