FCIC: 9 conclusions about the financial crisis

The blowhards of the FCIC bend their minds to try to get the financial crisis.  These politicians, most of whom have never spent a day in the private sector, fail to grasp the importance of the global money supply itself as an underlying cause of the actions. 

It's like they are trying to study the Titanic in order to avoid a future boatwreck, not knowing that their bailouts make the next crisis more severe.  Even worse, they are using this crisis to further their reach into the lives of people and companies. Their biggest error is their conclusion that the financial crisis was avoidable.  In what fancypants world do they live in?

It's all about the money.  Without excess money, there can be no malinvestment and consequently no bubble.  Via FCIC:
  • We conclude this financial crisis was avoidable.
  • We conclude widespread failures in financial regulation and supervision proved devastating to the stability of the nation’s financial markets.
  • We conclude dramatic failures of corporate governance and risk management at many systemically important financial institutions were a key cause of this crisis.
  • We conclude a combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis.
  • We conclude the government was ill prepared for the crisis, and its inconsistent response added to the uncertainty and panic in the financial markets.
  • We conclude there was a systemic breakdown in accountability and ethics.
  • We conclude collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis.
  • We conclude over-the-counter derivatives contributed significantly to this crisis.  
  • We conclude the failures of credit rating agencies were essential cogs in the wheel of financial destruction.

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