Word: crisises
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Certainly, the financial crisis blame game has been in full swing for some time now. Ever since Lehman Brothers went belly up, people have been debating the financial crisis. But getting to the bottom of what or who caused the foreclosure of millions of homes and trillions of dollars in...
Early on, the majority of people seemed to heap the most blame on barely regulated financial products, like credit-default swaps, which brought down AIG; mortgage brokers and their lax lending standards; and Wall Street bonus checks that rewarded short-term profits over prudent business decisions. Goldman Sachs, too, has...
But in the year since the crisis, a number of academics have pretty much refuted nearly every one of those early explanations as being too specific. Some economists have even questioned whether there was a credit crunch. Economic professor René Stulz of Ohio State University, for one, has written...
"It has become the immaculate crisis," says Vincent Reinhardt, a senior fellow at the American Enterprise Institute.
Even though the bankers are first up, the FCIC won't stop there in heaping the blame. Congress set up the commission early last year with a mandate to investigate 22 possible things, from mortgage fraud to global savings imbalances, that could have either caused the financial crisis or made...