The Financial Crisis Inquiry Commission Set to Release Final Report on 1/27/11
According to the Huffington Post, there may be some organizations and individuals investigated for improper conduct surrounding the financial meltdown of the U.S. economy in 2007.
However, not all of the commissioners agree on the causes of the financial crisis, or the remedies. It will be interesting to read the final report and the dissenting ones as well.
According to Reuters, there may be three interpretations of what caused the financial crisis. It reminds me of the story of the blind men and the elephant. Each blind man touched one part of the elephant and thought the elephant was what they touched. Will the Commission be able to provide a realistic objective analysis of what caused the economic crisis of 2007 and beyond? Will they be able to recommend sound remedies so we can learn from our mistakes? We can hope!
“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.”
Taming the Vampire Squid: Take back our banks
Taibbi further explains his interpretation of how Goldman Sachs money machine became an alchemist for the very very rich:
“The bank’s unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere — high gas prices, rising consumer credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you’re losing, it’s going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it’s going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth — pure profit for rich individuals.”
Here is a link to the FCIC website. According to a press release dated 1/24 by the FCIC, there will be a presentation of the Commission’s final report and an analysis of the financial and economic crisis at a press conference on Thursday, January 27, 2011.
The Financial Crisis Inquiry Commission (FCIC) interviewed more than 700 witnesses and held 19 days of public hearings in the cities of New York, Washington D.C. and in communities in the U.S. deeply affected by the economic crisis.