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Causes of the Financial and Economic Crisis in the United States

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Causes of the Financial and Economic Crisis in the United States
THE

INQUIRY REPORT

FINANCIAL CRISIS

Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
• OFFICIAL GOVERNMENT EDITION •

INQUIRY REPORT

FINANCIAL CRISIS

THE

INQUIRY REPORT
∞

FINANCIAL CRISIS

THE

FINAL REPORT OF THE NATIONAL COMMISSION ON THE CAUSES OF THE FINANCIAL AND ECONOMIC CRISIS IN THE UNITED STATES
Submitted by THE FINANCIAL CRISIS INQUIRY COMMISSION Pursuant to Public Law 111-21 January 2011

OFFICIAL GOVERNMENT EDITION

For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512-1800; DC area (202) 512-1800 Fax: (202) 512-2104 Mail: Stop IDCC, Washington, DC 20402-0001
I S B N 978-0-16-087727-8

CONTENTS

Commissioners ...................................................................................................vii Commissioner Votes...........................................................................................viii Commission Staff List ..........................................................................................ix Preface ................................................................................................................xi
C ONCLUSIONS OF T H E F I NA N C IA L C R I S I S I N Q U I RY C O M M I S S I O N .....................xv PA R T I : C R I S I S O N T H E H O R I Z O N

Chapter 

Before Our Very Eyes .........................................................................
PA R T I I : S E T T I N G T H E S TA G E

Chapter  Chapter  Chapter  Chapter 

Shadow Banking ............................................................................... Securitization and Derivatives....................................................... Deregulation Redux ......................................................................... Subprime Lending ............................................................................
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