Final Report Due from U.S. Financial Crisis Inquiry Commission 1/27/11

cat in strainer by i eated a cookie on fickr cc

This kitty is waiting for the conclusions from the Financial Crisis Inquiry Commission. Kitty is safely out of the clutches of the Giant Vampire Squid. Photo Credit: cat in strainer by i eated a cookie on fickr cc

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!

Vampire Squid from National Geographic

In 2009, journalist Matt Taibbi wrote in Rolling Stone Magazine that Goldman Sachs Group Inc. was like a “Vampire Squid”. His article stated:

“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.”

FCIC Website

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.

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1 Response to Final Report Due from U.S. Financial Crisis Inquiry Commission 1/27/11

  1. Charlie Mc says:

    When will Brooksley Born receive her recognition and recompense for having put her finger on the financial hijacking of our country at a time when it might have been corrected, but instead was booted by the male economic advisors who were gladly led down the path by the wrong directions of the so-called guru, Alan Greenspan. These advisors, including Theodore Geitner, Larry Summers, Robert Rubin, and President Clinton himself, were punished for their judgemental error by being named economic advisors to President Barack Obama to help extricate America from the very diosaster they helped to foment. What is the matter with us? I believe that Wiki-Leaking is a good thing if it prevents excrement from being presented with a rose’s aroma.
    The dissenters of today’s report should be seen for what they are; the “carpetbaggers” of our depression, who seek only to keep their on profits maximized. We low-middle income Americans are being literally screwed to the low ground in the policy which supports the wealthiest interests without compassion. Let us turn to Bill Gates and Warren Buffet, Brooksley Born and Robert Reich, and Andrew J. Bacevich, all of whom are ther truly prophetic voices in our suffering society.

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