Financial Crisis Inquiry Commission,lacoste soldes
Last week,billiga nike free, Planet Money aired an interview by Adam Davidson with Barney Frank,lacoste pas cher, the blunt and colorful chairman of the House Financial Services Committee. Davidson and Frank had a pitched disagreement over the question of whether it made sense to appoint a bipartisan,nike air, expert panel to take some time figures between one and three years were thrown around to study the causes of the financial crisis and,ralph lauren paris, on that basis,nike air max, recommend regulatory changes. Davidson thought it was a good idea; Frank thought it was nonsense.
I with Frank on this one,nike free, and the argument applies to the Financial Crisis Inquiry Commission,lacoste pas cher, also known hopefully as the Pecora Commission,nike air, appointed by Congress to study the causes of the crisis.
A parallel is commonly drawn to the 9/11 Commission,nike schuhe, which I believe is widely considered to have been both genuinely bipartisan and worthwhile. However,ralph lauren pas cher, I think the differences are more important here. On September 12,ralph lauren paris, 2001,lacoste france, most people certainly including most people in government and policy,ralph lauren soldes, and almost certainly including even the most highly placed people in the country had only the vaguest idea of how nineteen terrorists had infiltrated the country and managed to hijack four plans,ralph lauren pas cher, using three of them successfully as bombs. The Commission mandate was to understand how that happened,nike free, and in particular how our intelligence and security agencies had failed to prevent this attack. That is,nike free run, there was a shortage of information,ralph lauren france, and most of the information was classified anyway,nike free run, so a thorough investigation was called for.
By September 16,lacoste soldes, 2008,ralph lauren france, most people in the business already knew the causes of the financial crisis: cheap money,lacoste polo, new and predatory mortgage products,nike sverige, lax underwriting practices,lacoste polo, the transfer of risk through securitization. dependence on ratings by overwhelmed rating agencies,billiga nike free, failure of regulatory agencies to regulate,ralph lauren polo, greediness on the part of banks and bankers who ate up their own AAA rated dog food,nike free, unhealthy dependence on short term funding,ralph lauren soldes, etc. There has been argument about the relative importance of these factors,nike free run, but the basic story is so well known that it has spawned multiple cartoon caricatures. There is little fact finding necessary to determine the causes of the crisis; we should already be at the phase of analyzing empirical data,ralph lauren pas cher, and I can predict with confidence that 70 years from now there will be economic historians arguing both sides of this question; after all,lacoste france, that what happened with the Great Depression.
I expect,nike free damen, and hope,billiga nike free, that the Financial Crisis Inquiry Commission will uncover some especially sordid details of bankers laughing about screwing their customers,ralph lauren, or regulators on the take from the banking industry. And if that happened,nike free pink, then those people should be sued or put in jail. But we already know that bankers were screwing their customers,ralph lauren, and we know that regulatory agencies were friendly toward the banking industry (whether because of corruption,nike air, simple ideological alignment,ralph lauren polo, or orders by political appointees makes little difference in the broad story).
I am skeptical that months or years of study will bring us any closer to consensus on the major questions,ralph lauren, because the crisis is so overdetermined; there is plenty of evidence to construct multiple plausible narratives about how it happened, each one of which points to a different regulatory solution (and whether you could get that solution through Congress is yet another question).
Thinking cynically, spending 1 3 years studying the problem could also be cover to let the issue fade away; the impetus for reform is already far weaker today than it was in, say, February when Citigroup was going through its third near death experience. I know that not Davidson intent, but I sure there are others who would be only too happy to bet that the economy and the popular mood will return to normal. Remember Sarbanes Oxley? It was weaker than originally imagined, and by 2007 there was a movement afoot to repeal it, since people had already forgotten Enron and Worldcom. Let hope that doesn happen again.
相关的主题文章:
- ?mod=space&uid=27311
- ?mod=spacecp&ac=blog&blogid=
- ?mod=space&uid=544152&do=blog&quickforward=1&id=824346
- ?mod=space&uid=388322&do=blog&quickforward=1&id=2107123
- ?mod=space&uid=291367&do=blog&quickforward=1&id=5023006
- ?title=User:Red88013#nike_air-Are_We_Moaning_Too_Much
- ?mod=spacecp&ac=blog&blogid=
