Forum Post: Yahoo Censored This Comment.
Posted 13 years ago on Nov. 9, 2011, 12:24 a.m. EST by HitGirl
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Hey My2cents, haven't you ever heard of the Financial Crisis Inquiry Commission? "In a report released today (01/27/11), the Financial Crisis Inquiry Commission found that "reckless" Wall Street firms, an abundance of cheap credit and "weak" federal regulators caused the crisis.
"This financial crisis could have been avoided. Let us be clear," chairman Phil Angelides said at the Washington press conference marking the official release of the report. "The record is replete with evidence of failures. None of what happened was an act of God."
In addition to that the SEC, in 2004 under Bush, relaxed a rule that governed how much banks could leverage their assets. It was roughly 12 to 1 before the change.
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