9781610390415

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

by
  • ISBN13:

    9781610390415

  • ISBN10:

    1610390415

  • Edition: 1st
  • Format: Paperback
  • Copyright: 1/27/2011
  • Publisher: Perseus Books Group

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Supplemental Materials

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Summary

The definitive report on what caused America's economic meltdown- and who was responsible The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts. Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to. The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis. In the tradition of The 9/11 Commission Report,The Financial Crisis Inquiry Reportwill be a comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people.

Table of Contents

Commissionersp. vii
Commissioner Votesp. viii
Commission Staff Listp. ix
Prefacep. xi
Conclusions of the Financial Crisis Inquiry Commissionp. xv
Crisis on the Horizon
Before Our Very Eyesp. 3
Setting the Stage
Shadow Bankingp. 27
Securitization and Derivativesp. 38
Deregulation Reduxp. 52
Subprime Lendingp. 67
The Boom and Bust
Credit Expansionp. 83
The Mortgage Machinep. 102
The CDO Machinep. 127
All Inp. 156
The Madnessp. 188
The Bustp. 213
The Unraveling
Early 2007: Spreading Subprime Worriesp. 233
Summer 2007: Disruptions in Fundingp. 246
Late 2007 to Early 2008: Billions in Subprime Lossesp. 256
March 2008: The Fall of Bear Stearnsp. 280
March to August 2008: Systemic Risk Concernsp. 292
September 2008: The Takeover of Fannie Mae and Freddie Macp. 309
September 2008: The Bankruptcy of Lehmanp. 324
September 2008: The Bailout of AIGp. 344
Crisis and Panicp. 353
The Aftershocks
The Economic Falloutp. 389
The Foreclosure Crisisp. 402
Dissenting Views
By Keith Hennessey, Douglas Holtz-Eakin, Bill Thomasp. 411
By Peter J. Wallisonp. 441
Glossaryp. 451
List of Hearings and Witnessesp. 457
Notesp. 465
Table of Contents provided by Ingram. All Rights Reserved.

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