Joys of Capitalism… that people continue to conflate democracy and capitalism is beyond me, how stupid can we be?

This is a large report, but take a few minutes to at least read the conclusions, found on pps.  xv  – xxviii, yes, read all of those pages, not just the headnotes below:

FCIC Report

Very short nutshell version of a thorough and credible report, the headings of their conclusions, but again, read the meat of it, the details are important, and google “FCIC report” to get the spin the capitalists offer:

• 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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