Financial crisis of 2008 avoidable, says US inquiry

[frigidmagi]

BBC

[quote]Regulators, politicians and bankers were to blame for the 2008 US financial meltdown, a report has claimed.

The US Financial Crisis Inquiry Commission, tasked with establishing the causes of the crisis, said it was "avoidable".

Its report highlighted excessive risk-taking by banks and neglect by financial regulators.

Only the six Democrat members of the 10-strong commission, set up in May 2009, endorsed the report's findings.

"The crisis was the result of human action and inaction, not of Mother Nature or models gone haywire," the report said.

"The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand and manage evolving risks within a system essential to the well-being of the American public.

"Theirs was a big miss, not a stumble."

Ethical breaches
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The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been doneâ€

[SirNitram]

Naturally, one of the dissenting reports(Prepared by a conservative from the American Enterprise Institute), plays the canard of 'No one saw this coming'. Hey, buddy. Do you read the New York Times, perchance..?

The other conservative dissenting report insists it can't have been poor regulation and such, as it was a global crisis. Except most of the international finance companies have big offices where..? Wall Street!