Causes of the Financial and Economic Crisis in the United States

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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 ............................................................................ PA R T I I I : T H E B O O M A N D B U S T

Chapter  Chapter  Chapter  Chapter  Chapter  Chapter 

Credit Expansion .............................................................................. The Mortgage Machine................................................................. The CDO Machine ........................................................................ All In .................................................................................................. The Madness ................................................................................... The Bust............................................................................................ v

vi

CONTENTS PA R T I V : T H E U N R AV E L I N G

Chapter  Chapter  Chapter  Chapter  Chapter  Chapter  Chapter  Chapter  Chapter 

Early : Spreading Subprime Worries................................. Summer : Disruptions in Funding.................................... Late  to Early : Billions in Subprime Losses ........... March : The Fall of Bear Stearns........................................ March to August : Systemic Risk Concerns.................... September : The Takeover of Fannie Mae and Freddie Mac.................. September : The Bankruptcy of Lehman ........................ September : The Bailout of AIG ........................................ Crisis and Panic .............................................................................. PA R T V : T H E A F T E R S H O C K S

Chapter  Chapter 

The Economic Fallout................................................................... The Foreclosure Crisis .................................................................. DI S SE N T I NG V I E WS

By Keith Hennessey, Douglas Holtz-Eakin, and Bill Thomas ........................ By Peter J....
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