• The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire. To paraphrase Shakespeare, the fault lies not in the stars, but in us.
• Democrats on the Financial Crisis Inquiry Commission • Reporting the findings of an investigation into what caused everything to go to hell back in September of ’08. The majority statement was issued by the commission’s six Democrats, and opined that the crisis was avoidable: “The public stewards of our financial system ignored warnings,” it read. The four Republicans on the committee didn’t agree; three said that it was the unavoidable result of global economic forces, while the fourth blamed the crisis on (wait for it) over-regulation of the housing markets. source

Posted by Seth Millstein • Permalink