Financial Crisis Inquiry Commission Looking Into 2008 Meltdown Exposed as Sham Old news, Democrats will scoff. But if you’re like me and lost the equivalent of years of work in the 2008 meltdown, you might still be interested in who was responsible. The truth is coming to light: In a just-released book, former FCIC [Financial Crisis Inquiry Commission] member Peter Wallison says that a Democratic Congress worked with the commission’s Democratic chairman to whitewash the government’s central role in the mortgage debacle. The conspiracy helped protect some of the Democrats’ biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallison’s sobering, trenchantly written “Hidden in Plain Sight: What Really Caused the World’s Worst Financial Crisis and Why It Could Happen Again” reveals that the Democrat-led panel buried key data proving that the U.S. Department of Housing and Urban Development and other federal agencies pushed the housing market over the subprime cliff. The final FCIC report put the blame squarely on Wall Street. In 2009, then-House Speaker Nancy Pelosi appointed her California pal Phil Angelides, a long-time Democrat operative, to lead the commission. The fix seemed to be in, and Wallison’s account of the inner workings of the 10-member body confirms it. See IBD for details on how the phony $10 million probe came up with the predetermined verdict that free enterprise caused the collapse, which in reality was the result of the federal government inflicting Affirmative Action on the mortgage industry. As a result of the corrupt FCIC pinning the blame on capitalism, Fannie and Freddie, now under full federal control, are back making low down payment loans to low-income borrowers, and the Dodd-Frank-mandated Consumer Financial Protection Bureau is forcing banks to ignore credit risks in the name of affordable housing. Those who don’t learn from their mistakes… But then, from the point of view of Democrats, the 2008 meltdown was no mistake. The financial chaos they had created through the Community Reinvestment Act allowed them to put Obama in power and to ram through the malevolent Dodd-Frank bill. Who knows what disasters the next government-instigated collapse will enable? If the goal really were to figure out why the collapse happened, the government could have saved us the $10 million it flushed down the FCIC by watching this video instead: https://youtube/watch?v=Lr1M1T2Y314
Posted on: Mon, 26 Jan 2015 22:04:02 +0000