Wednesday, September 22, 2010

Financial Crisis Incompetence Commission

The Financial Crisis "Inquiry" Commission is still "inquiring", wasting time, and (of course) has received an extra $1.8 million on top of the panel's initial $8 million budget.

The commission was ill-conceived to begin with, considering it would be constructed by bureaucrats that were in large part responsible for the crisis to begin with. Chairman Phil Agelides, former Treasurer of California, has already been exposed for having an obvious conflict of interest and previously encouraging California's Public Retirement System (CalPERS) to invest in Greece. Obviously Greece and California have both taken a turn for the worst.

Meanwhile, the two government sponsored failures (Fannie Mae and Freddie Mac) have yet to be addressed and have been completely disregarded by the "Dodd-Frank Wall Street Reform and Consumer Protection Act". One should not be surprised by this considering that Chris Dodd and Barney Frank were instrumental in exacerbating and compounding the housing crisis, as discussed at length and in great detail by Thomas Sowell in his book "The Housing Boom and Bust".

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