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Wall Street Meltdown Panel Forming

Published 07/05/09 Craig Harrington - Print Article
E-mail - editor@economyincisis.org


      

In light of the collapse of the financial industry, Congress is organizing a panel to investigate the causes of instability and the individuals who should be held accountable.  This 10-member panel will be empowered with the ability to subpoena individuals for official inquiry. 

      

According to Reuters, there are several nominees already being considered for a position on the congressional Financial Crisis Inquiry Commission.  The short list includes former Republican congressman and presidential candidate Fred Thompson, American Enterprise Institute fellow Alex Pollock, and former head of the Commodities Futures Trading Commission Brooksley Born.   

      

Born made a name for herself in 1998 when she attempted to rein in the then infant derivatives market.  The attempt was crushed by a coordinated effort from Arthur Levitt Jr., Robert Rubin and Alan Greenspan.  Each man has since seen the error of running Mrs. Born out of Washington.  Her inclusion on any potential investigation panel on Wall Street would certainly be a huge positive for those looking for answers. 

      

An array of former Senators and Representatives, along with other bureaucrats and politicians, are also apparently being considered for the commission. 

      

House Speaker Nancy Pelosi said that this 10-member panel will be modeled on the Pecora Commission which investigated the 1929 market crash.  Hopefully the 2009 version has a wider mandate and investigates all of the pervasive problems in the economy which go far beyond corporate corruption on Wall Street. 

      

The Financial Crisis Commission will be given until December 2010 to compile its results and findings before presenting them to Congress.  The reports will then be used by Congress and the White House to organize new reform legislation.  The hope among Democrats is likely to use the Crisis Commission as a starting block for the 2010 and 2012 elections where they hope to tighten their grip on Washington politics after a decade-long collapse of the Republican party. 

Click here to contact your Representative in Congress.

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Article Comments From Readers

biguru says "Organized Greed" on 07/05/09
"If America is circling the drain," Taibbi writes, "Goldman Sachs has found a way to be that drain -- an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy." - The The American Bubble Machine, Rolling Stone 07/02/09

Do we have a chance?

biguru says "Nothing" on 07/05/09
Unless they find another Bernie Madoff, nothing significant will come out of it. That is because the root cause is far removed from the Wall Street crisis. Wall Street people will say, how they are supposed to know the trade policy will cause this? Even prestigious organizations like Peterson Institute says - Outsourcing does not have much effect in job loss!

No one will own up to the fact that our massive deregulation and free trade policy caused this crisis. The issues are systemic and pervasive that touches the whole society.