Comments on: Financial Crisis Inquiry Commission

By: Zenster

Zenster — Mon, 25 May 2009 17:04:30 +0000

Sorry about the late post over the holiday but I have to register a strong vote for Elizabeth Warren. She has demonstrated the rare capability & courage to cut through the intentional obfuscation of TPTB & communicate her findings & conclusions in understanable language. She communicates effectively not only to Congress but also, and perhaps more importantly, directly to the American people through numerous appearances on the TV talk circuit. She combines these unusual capabilities with a long term continuing concern for the welfare of the middle class. Go for it Barry! If not you, who?

By: Zenster

Zenster — Mon, 25 May 2009 17:02:55 +0000

Sorry about the late post over the holiday but I have to register a strong vote for Elizabeth Warren. She has demonstrated the rare capability & courage to cut through the intentional obfuscation of TPTB & communicate her findings & conclusions in understanable language. She communicates effectively not only to Congress but also, and perhaps more importantly, directly to the American people through numerous appearances on the TV talk circuit. She combines these unusual capabilities with a long term continuing concrn for the welfare of the middle class. Go for it Barry. If not you, who?

By: carping demon

carping demon — Mon, 25 May 2009 09:18:47 +0000

“km4 Says: “@12:35″

> Another black swan?

THE INCREASING FREQUENCY OF BLACK SWANS
http://bit.ly/36yDue

I don’t know how to make links work in Typepad, but that’s John Robb at >http://globalguerrillas.typepad.com< and you should listen to him. It is foolish to adopt mathematics from physical systems when the maths describe boundaries where the real world (that’s the world which is there whether you think about it or not,) actually changes abrubtly and use them as anologies for Economic social behavior, which is real only when you think about it, with your filtched functions and pilfered polynomials and deviated standards and rational equilibriums. Keep Listening. There are people out there who’ve spent the last 70 years thinking about this and you need to hear them.

By: Simon

Simon — Mon, 25 May 2009 07:54:25 +0000

There is also an important macro-economic cause in relaton to china. There would not have been the option to lower interest rates for as long as they were low for without funding from China.

Greenspan had a reasonably stark choice. Either lower interest rates and keep them low or have unemployment rise to ..uncomfortable levels…??

After all America sent a lot of its productive enterprise overseas. In the wake the dotcom bust what else could have happened?

Unfortunately the can is now made of material sufficently dense tha it can no longer be kicked down the road. America now has a very sore foot.

By: jdjd

jdjd — Mon, 25 May 2009 03:08:39 +0000

Who would you appoint to this panel?

My choices: Paul Volcker, Elizabeth Warren, Barry Eichengren, Warren Buffet

By: greg

greg — Mon, 25 May 2009 01:37:03 +0000

BR… the rules have always been in place, they just weren’t followed. What possible good can come from any enquiry? The simple facts are these…the failure to follow procedures which are already in place lays at the feet of the CEO and the Board members, period. Yet we have not seen any action taken to date on either of these entities.
Real Estate Agents and Mortgage Writers using the same appraisers? The Bank should be the only one picking the appraiser. Why would a real estate agent or a mortgage writer pick an appraiser?
Not verifying credit scores? The bank orders the credit score.
Abdication of lending standards? the Bank sets the lending standards.
Low interest rates? What has that got to do with anything?
I think it’s time we stopped using excuses for the misdeeds of those who created this mess. The simple fact is, that we had at the top, the very weakest of executives that we could possibly have put together, and yet we still have managed to find a place in society for these people, as evidenced by Dick Fulds recent venture back into the working world. Until we are willing to call a spade a friggin shovel, we shall not easily recover and move on from this period of history.
We seriously need a Joseph Welch moment at this point in history BR. Have these CEO’s and Board members at long last, no sense of decency? We as a people are seriously done with them.

By: thetanman

thetanman — Mon, 25 May 2009 01:17:23 +0000

The system is incapable of self reform. Has been for a long time.

By: Moss

Moss — Sun, 24 May 2009 21:09:10 +0000

I would add one more thing to the cause ‘list’ that needs to flushed out.

Impact of Lobbying on Congress by financial organizations.

By: Moss

Moss — Sun, 24 May 2009 20:56:36 +0000

From Wikipedia:

In 1939 Ferdinand Pecora published a memoir that recounted details of the investigations, Wall Street Under Oath. Pecora wrote: “Bitterly hostile was Wall Street to the enactment of the regulatory legislation.” As to disclosure rules, he stated that “Had there been full disclosure of what was being done in furtherance of these schemes, they could not long have survived the fierce light of publicity and criticism. Legal chicanery and pitch darkness were the banker’s stoutest allies.”

I suggest that each member of this panel be required to read the book.

By: Todd

Todd — Sun, 24 May 2009 19:07:46 +0000

I did see some green shoots sighting yesterday. Local police directing traffic at a Garage sale event. Apparently demand was so great for these goods that neighborhood traffic capacity was overwhelmed and spilled out onto a major thoroughfare.