Thanks to my friend Ed Dodson providing me with a copy this morning, I’ve just been able to peruse the official United States of America government edition of this report for answers to the financial crisis. I didn’t find any.

 THE

FINANCIAL

CRISIS

INQUIRY REPORT 

CONCLUSIONS OF THE

FINANCIAL CRISIS INQUIRY COMMISSION

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 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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Four of the ten commissioners held dissenting views, the most revealing sentence amongst which was “Causes of housing bubbles are still poorly understood”.

Amen.

The commissioners and their staff will learn precisely how the tax system creates real estate bubbles when they investigate this blogsite. I forecast and explained this financial collapse. They’ve done neither.

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