This Recession No God's Act: Says Financial Crisis Commission
The crisis that led to the second coming of the Great 1929 Depression in the United States, drove millions out of their homes, forced a huge number of people into unemployment, and from which the nation has not yet recovered, was probably man-made after all!
The result of the investigation of the US financial crisis is out, and surprise, surprise, the commission finds that all these troubles did not occur in a vacuum. The panel points fingers to some leading financial industry figures who are considered to have broken laws. This is by no means witch hunting, or action of one political party to get even with the other; the accusation comes from a bipartisan panel appointed by Congress that was formed to investigate the crisis. The panel referred multiple cases to state and federal authorities for legal prosecution.
In George W Bush's final days, the major financial institutions teetered on the brink of collapse threatening to send the largest economy in the world into a deep recession. In an unprecedented move, Bush took the acquiescence of incoming President Barack Obama before he bailed them out with public money. At the time, the devastation on the economy was blamed on the innocuous housing failure, caused by greed of the small people.
The huge outcry by American taxpayers, who were victims of the financial irregularities, forced Obama to form a 10-member commission that was first convened in late 2009. At the time, the panel members emphasized that they did not intend to focus on prosecution, and the process was thought to be another ploy by Washington to assuage public anger, whitewash the turmoil and bury it under thick volumes of reports.
Michael Perino, a law professor at St. John's University School of Law in New York was so frustrated with this commission that he commented in an article published in the New York Times last October, “Few will notice its absence. It had no discernible influence over the financial reforms. How did this commission fail so badly?”
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