Unyielding Economic Crisis: Two Reports Released About The Causes Of The U.s. Economy's Collapse
The Financial Crisis Inquiry Report & Wall Street And The Financial Crisis, Two Reports Are Released About The Causes Of The U.s. Economy's Collapse.
- (1888PressRelease) September 07, 2011 - While more than 25 million Americans are unemployed or underemployed, many are facing foreclosures, and bank stocks in the U.S. and Europe are approaching all-time lows, two crucial reports explaining the causes of the financial crisis have been released by Cosimo Reports both in paperback and hardcover editions.
Earlier this year, the U.S. government's Financial Crisis Inquiry Commission released an expansive report on the financial crisis in the United States. The Financial Crisis Inquiry Report, intended to be the government's official investigation into the collapse of the economy, did not win over the hearts and minds of the American public. The report, which included a review of major financial institutions that bankrupted and failed, or would have failed without assistance from taxpayers, concluded that the fault for the crisis lay at everyone's feet: those of the citizens, the government, and the banks, effectively placing the blame on no one. To contrast the opinions in the official report, Cosimo's publication includes a Foreword by Danny Schechter, investigative reporter, author, and filmmaker of Plunder, The Crime of Our Time. He breaks down the basics of the commission's findings and offers a few insights of his own:
Will the Report influence policy or arouse a public that seems numb, perhaps because it is overloaded with so many opinions, which makes it hard for readers to reach a deeper understanding? In the end, it all depends on those of us who read this report carefully, recognize its lessons and shortcomings, and then get engaged in the long fight for serious regulations, social justice, and some measure of economic equality.
-From the Foreword by Danny Schechter, Author of Plunder
Luckily, another report on the financial crisis was recently released, this time from a dedicated senatorial sub-committee designed to investigate the goings-on in Wall Street. The report, Wall Street and the Financial Crisis, is the most damning official report to date on Wall Street's role in the collapse. It describes the wheeling and dealing of bankers and others who benefited from the housing bubble while impoverishing the rest of America. It also offers four very clear causes of the financial crisis and names the culprits involved, including commercial banks, regulators, rating agencies and the investment banks:
The overwhelming evidence is that major financial institutions deceived their clients and deceived the public, and that they were aided and abetted by deferential regulators and credit rating agencies who had conflicts of interest.
-Senator Carl Levin, Chairman Senate Permanent Subcommittee on Investigations, The New York Times, April 14, 2011
ABOUT THE AUTHORS
THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 experts in economics and finance that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States."
THE U.S. SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS (PSI) is a bi-partisan team of senators that deals with Homeland Security and Governmental Affairs, and is currently headed by Senator Carl Levin (D-MI) and Senator Tom Coburn (R-OK). Formerly known as the Committee on Government Operations, PSI is the oldest subcommittee of the Senate Homeland Security Committee.
THE FINANCIAL CRISIS INQUIRY REPORT
With a Foreword by Danny Schechter
Cosimo Reports, May 2011
Finance/Politics
ISBN: 978-1-61640-542-7
Paperback, 690 pages, $13.95
ISBN: 978-1-61640-541-0
Hardcover, 690 pages, $29.95
WALL STREET AND THE FINANCIAL CRISIS
Cosimo Reports, July 2011
Finance/Politics
ISBN: 978-1-61640-546-5
Paperback, 666 pages, $19.95
ISBN: 978-1-61640-545-8
Hardcover, 666 pages, $29.95
ABOUT COSIMO REPORTS
Cosimo Reports is an imprint of Cosimo, Inc., based in New York, a specialty publisher of books and publications that inspire, inform and engage readers. Cosimo's mission is to create a smarter and more sustainable society by connecting people with valuable ideas.
Always available at online bookstores. Visit www.cosimobooks.com
BE INSPIRED, BE INFORMED
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