The House Committee on Oversight and Government Reform is holding multiple hearings on the financial crisis. Today's hearing, the 3rd of 5, was Credit Rating Agencies and the Financial Crisis.
Many folks are asking what the hell is going on, how did we get here and who is responsible?
The Washington post has named names on what and who are responsible for this disaster.
The issue at hand was regulation of the derivatives market and Brooksley E. Born wanted to regulate it. This is 1998, the Clinton administration.
It seems Federal Reserve Chairman Alan Greenspan, Treasury Secretary Robert E. Rubin and Securities and Exchange Commission Chairman Arthur Levitt Jr. didn't want any regulation on the growing shadow banking system called derivatives.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
This week we're focusing in on various economists' interviews on what is going on and what really needs to happen. Included are Bill Moyer's George Soros interview, Roubini, Jim Rogers and Bill Issac.
Now that the bail out and throwing money to Wall Street for bad debt isn't doing much, today we had a coordinated rate cut from central banks across the globe.
Considering the magnitude of imminent Economic Armageddon, in last night's debate what do we get? Spend, Spin, Platitudes and our favorite distraction, tax cuts. I often think we would be better with static and noise emanating from the idiot box than this absurd, vague drivel or deflection through attack to avoid the specifics on what will they do.
Former Fed Chairman Paul Volcker and Jacob A. Frenkel (Group of 30) released a new report,
The Structure of Financial Supervison: Approaches and Challenges in a Global Marketplace
The attached paper recommends a restructuring on financial market supervision called Twin Peaks.
Both Presidential campaigns have mentioned major structural and regulatory reforms of the financial systems. Volcker is advising Obama and please note, the other paper authors, many are from surviving financial institutions and yes, yet once again, Goldman Sachs is represented.
Multiple Screens! 360 Panavision! Let the shouting begin! The Committee on Oversight and Government Reform will hold hearings the next two days. Committee Chair Representative Waxman:
Lax oversight and reckless investments on Wall Street are causing massive disruption throughout our economy. Our hearings will examine what went wrong and who should be held to account.
Up on the executive chopping block are:
DAY 1: Causes and Effects of the Lehman Brothers Bankruptcy
Dr. Luigi Zingales, Professor of Finance, University of Chicago
Dr. Robert F. Wescott, President, Keybridge Research LLC
Nell Minow, Chairman of the Board and Editor, The Corporate Library
Gregory W. Smith, General Counsel, Colorado Public Employees’ Retirement Association
The claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification. - Nouriel aka Dr. Doom Roubini
I woke up this morning to see the blog buzz word of the day is Nationalization as Economics bloggers hunt for thesolution to the financial crisis.
News moves at lightening speed. One minute the story is Lehman Brothers going bankrupt, the next is Barclays is now going to buy some of it, in the asset fire sale in the bankruptcy court.
AIG is like watching a building implode, in slow motion. Bank of America is buying Merrill Lynch, yet no one is questioning any of this, including their purchase of another in trouble mortgage firm, CountryWide.
So, what specifically do these Presidential candidates plan to do about all of this? Right now, we have more finger pointing of the two campaigns with little details on actual policy plans or positions.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy! 
News moves at lightening speed. One minute the story is Lehman Brothers going bankrupt, the next is Barclays is now going to buy some of it, in the asset fire sale in the bankruptcy court.
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