I realize this has had been a hot topic, but Sewell does clear and excellent OPs. By Sewell Chan "“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.”" "The report does knock down — at least partly — several early theories for the financial crisis. It says the low interest rates brought about by the Fed after the 2001 recession; Fannie Mae and Freddie Mac, the mortgage finance giants; and the “aggressive homeownership goals” set by the government as part of a “philosophy of opportunity” were not major culprits. On the other hand, the report is harsh on regulators. It finds that the Securities and Exchange Commission failed to require big banks to hold more capital to cushion potential losses and halt risky practices, and that the Fed “neglected its mission.”" http://www.nytimes.com/2011/01/26/business/economy/26inquiry.html? http://www.nytimes.com/2011/01/28/business/economy/28inquiry.html?_r=1&ref=sewellchan But 'Republican Panelists Dissent on Cause of Crisis' - of course they would, they work for Wall street not Main street. Republican Panelists Dissent on Cause of Crisis - NYTimes.com "A final word on politics. As in economics nothing is certain save the certainty that there will be firm prediction by those who do not know. It is possible that in some election, near or far, a presidential candidate will emerge in the United States determined to draw into the campaign those not now impelled to vote. Conceivably those so attracted - those who are not threatened by higher taxes and who are encouraged by the vision of a new governing community committed to the rescue of the cities and the impacted underclass - could outnumber those lost because of the resulting invasion of contentment. If this happens the effort would succeed." John Kenneth Galbraith 'The Culture of Contentment'