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

by Unknown

• ISBN13: 9781610390415
• ISBN10: 1610390415
• Edition: 1st
• Format: Paperback
• Copyright: 2011-01-27
• Publisher: PublicAffairs

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.

Author Biography

Financial Crisis Inquiry Commission

Table of Contents

Commissioners	p. vii
Commissioner Votes	p. viii
Commission Staff List	p. ix
Preface	p. xi
Conclusions of the Financial Crisis Inquiry Commission	p. xv
Crisis on the Horizon
Before Our Very Eyes	p. 3
Setting the Stage
Shadow Banking	p. 27
Securitization and Derivatives	p. 38
Deregulation Redux	p. 52
Subprime Lending	p. 67
The Boom and Bust
Credit Expansion	p. 83
The Mortgage Machine	p. 102
The CDO Machine	p. 127
All In	p. 156
The Madness	p. 188
The Bust	p. 213
The Unraveling
Early 2007: Spreading Subprime Worries	p. 233
Summer 2007: Disruptions in Funding	p. 246
Late 2007 to Early 2008: Billions in Subprime Losses	p. 256
March 2008: The Fall of Bear Stearns	p. 280
March to August 2008: Systemic Risk Concerns	p. 292
September 2008: The Takeover of Fannie Mae and Freddie Mac	p. 309
September 2008: The Bankruptcy of Lehman	p. 324
September 2008: The Bailout of AIG	p. 344
Crisis and Panic	p. 353
The Aftershocks
The Economic Fallout	p. 389
The Foreclosure Crisis	p. 402
Dissenting Views
By Keith Hennessey, Douglas Holtz-Eakin, Bill Thomas	p. 411
By Peter J. Wallison	p. 441
Glossary	p. 451
List of Hearings and Witnesses	p. 457
Notes	p. 465
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