Showing posts with label Financial Crisis Inquiry Commission. Show all posts
Showing posts with label Financial Crisis Inquiry Commission. Show all posts
Monday, November 22, 2010
Video: Peter Wallison of the Financial Crisis Inquiry Commission On How the Financial Crisis Happened
Original video at end of post no longer available.
Following, much longer, video is an available substitue.
Original 2010 blog post begins here.
A nine minute Wall Street Journal video opinion interview of Peter Wallison of the Financial Crisis Inquiry Commission On How the Financial Crisis Happened. Wallison discusses the financial crisis effect of the GSEs' subprime lending, US housing policy, the Fed's failure to save Lehman and AIG.
Tuesday, September 7, 2010
Bernanke's Assessment Of the Causes Of The Recent Financial Crisis
From Federal Reserve Chairman Ben Bernanke's testimony, "Causes of the Recent Financial and Economic Crisis" before the Financial Crisis Inquiry Commission, September 2, 2010:
In discussing the causes of the crisis, it is essential to distinguish between triggers (the particular events or factors that touched off the crisis) and vulnerabilities (the structural weaknesses in the financial system and in regulation and supervision that propagated and amplified the initial shocks).Read his entire prepared testimony as a PDF here.
Wednesday, September 1, 2010
Why The NY Fed Allowed Lehman To Fail
From the testimony of Thomas C. Baxter Jr., Executive Vice President and General Counsel of the Federal Reserve Bank of New York, on September 1, 2010, before the Financial Crisis Inquiry Commission, Washington, DC:
"Why did you allow Lehman to fail?" It is an understandable question, but one that nevertheless contains a false premise. The Federal Reserve did not "allow" Lehman Brothers to die, bankruptcy being the equivalent of death to a financial company. Instead, the Federal Reserve, the United States Treasury Department, the Securities and Exchange Commission (SEC), and others tried hard to save it—not for its own sake, of course, but for the sake of all the families and businesses who would be harmed by the devastating effects of a Lehman bankruptcy. We did not succeed, but the effort made was serious and determined. We came very close.Read Baxter's complete testimony on why the NY Fed could not and did not save Lehman Brothers from bankruptcy here.
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