THE FINANCIAL CRISIS INQUIRY REPORT

Final Report of the National Commission
on the Causes of the Financial and
Economic Crisis in the United States

OFFICIAL GOVERNMENT EDITION

Fcic Final Report Full

Category: Books

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

8 Responses to “The Financial Crisis Inquiry Report”

  1. [...] var __halnet_pub = "hgn.tbp"; var __halnet_sz = "728×90"; (window.location == "http://www.ritholtz.com/blog/") ? __halnet_pub_kvs = ";section=homepage;" : __halnet_pub_kvs = ";;"; // var __halnet_zone = "ROS"; « The Financial Crisis Inquiry Report [...]

  2. [...] need only read the FCIC report’s executive summary (here, pages 15-28) to see they got the broad strokes right, and blamed the right people, institutions and [...]

  3. Paul N says:

    I really don’t know whay they had to create this long report.

    There is a fairly recent book called “The great American Stickup” by Robert Scheer. The book pretty well states what the findings were, already in 2010. It also spells out step by step how this occured and who is responsible. It also explains how Brooksley Born tried to block the changes that created the disaster but was brushed aside.

    Will anyone be held accountable for this? Wendy and Phil Gramm for example?

    I must say I was shocked when I saw the article in the NY Times.

    What is wrong with people, we spend our time watching American Idol while the entire world economy and our living standards slowly crumble around us? This Should be front page news. The meltdown should be forensically reconstructed and people should be held accountable.

    This should be front page news and front and center on all TV news. Anyone who has been hurt from this recession should be contacting their local goverment officials bombarding them with their thoughts on this.

    The averge Joe’s life has been devastated because of a handful of greedy people.

  4. victor says:

    I have a dream! A dream that SOMEONE of national stature (how about Obama coached and prepped by Elizabeth Warren) stand up and sum up in a few sentences (not more than three please) what happened, and what measures have been taken to prevent it in the future. Now the cynical part of me tells me that 1) wont happen (the big short speech) because of various reasons and 2) financial crises of this kind will visit us again and again because of…please fill in your own reasons.

  5. [...] Picked up a copy of the FCIC report on my way home last night (took a shot that a local Barnes & Noble would have it out, and they did), and after only 50 pages I’m totally locked in.  The report can be downloaded in PDF here. [...]

  6. Per Kurowski says:

    Unfortunately, though it contains much valuable information and analysis, the report does not identify the fundamental cause of the crisis, namely that the bank regulator, primarily the Basel Committee, with amazing hubris, took upon itself to act as the risk-manager of the world.

    In effect, when the Basel Committee set capital requirements for banks imposing risk-weights based on its arbitrary perception of the risk reflected by the credit ratings issued by the credit ratings agencies, it de-facto determined what was to be ground zero for most other risk-managers.

    In effect, it was precisely those capital requirements for banks that tempted too much the banks to enter excessively and with minuscule equity life vests the triple-A waters, where they drowned.

    In effect, those arbitrary capital requirements cause an odious and regressive discrimination requiring from those perceived as risky and who already pay higher interests rates, to carry an inordinate weight of the capital requirements of banks that is needed to support the system; effectively subsidizing those perceived ex-ante as having “low risks” and who therefore already pay lower interest rates.

    In effect, from a regulatory point of view those capital requirements based on perceived risks, are plain silly, knowing that what causes systemic disasters in banking are always those risks that have not been perceived or are ignored by the collective.

    It is very urgent to throw out the paradigm of capital requirements for banks based on perceived risk of default, which only distorts the markets and serves no purpose at all. But that will not happen until the problem is fully understood, and sadly it looks like, with this report, that the world missed another good opportunity.

    Per Kurowski
    A former Executive Director at the World Bank (2002-2004)
    http://subprimeregulations.blogspot.com/

  7. [...] of people the president’s Financial Crisis Inquiry Commission (a month late) has released its mammoth report on the causes of the financial crisis and arrived at what I think can only be considered a cop-out: [...]

  8. [...] week’s 662-page Financial Crisis Inquiry Report, for example, is almost useless; however it is one of the only predictable aspects of the entire [...]