Morning-Aftering the Meltdown
Congress is pushing through a 9/11-like bipartisan commission to root through the ruins of the economy, discover what happened and figure out how to avoid another meltdown, and the White House has signaled its approval.
With Democrats and Republicans already arguing over how many members each will pick, it promises to be an exercise in finger-pointing unless the lead investigators are imbued with the zeal and bite of the Pecora Commission that unearthed the causes of the 1929 market crash.
Back then, the inquiry started as a Republican whitewash of Wall Street that ran through three tame lead counsels until a bulldog New York assistant DA named Ferdinand Pecora took over and started grilling elite bankers and brokers to lay bare Wall Street abuses, up to and including the fact that J.P. Morgan, Jr. and his partners had not paid any income taxes for two years.
The issues are much more complicated now…
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One Response to “Morning-Aftering the Meltdown”
<blankquote>The issues are much more complicated now…
Not really…
I can save you a lot of time and trouble, all you really need to do is get a copy of the Pecora report, do a global replace on the name of the financial institutions, the bankers and brokers. Should not take more than a couple of afternoons…