US crisis report hurt by politics

first_img Share Thursday 27 January 2011 9:03 pm Tags: NULL whatsapp THE FINAL report from the 10-member Financial Crisis Inquiry Commission (FCIC) into the causes of the US financial crisis, issued yesterday, was marred by political wrangling.Just six Democratic members of the 10-member panel endorsed the final 545-page report, with four Republican members dissenting, ensuring that the impact of the commission’s work on policy-making will likely be limited.At a briefing yesterday, FCIC chairman Phil Angelides, defended the panel’s work as valuable and pointed to areas of agreement between Republicans and Democrats.“But there are fundamental differences. We believe that this crisis was avoidable. We believe that it was a result of human action and inaction,” he added. The main dissent by three Republican members put more emphasis on economic factors, including a global credit bubble that produced similar problems across Europe.The report blamed “reckless” Wall Street firms and “weak” federal regulators for contributing to the economic collapse. It also laid blame with the SEC and the Federal Reserve. Show Comments ▼ whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content US crisis report hurt by politics last_img