White House Supports Financial Inquiry

[Robbien]

Source: NYT Caucus

For the first time, the White House said on Thursday that President Obama would sign legislation establishing an independent commission to investigate the causes of the nation’s financial collapse.

The House yesterday approved by an overwhelming vote a measure that would create a 10-member panel, appointed by the leaders of both chambers and perhaps committee chairman, a provision similar to one passed in the Senate a few weeks ago.

Such a commission would have subpoena power, and lawmakers have described its mission in sprawling terms, saying that the commission would be empowered to investigate everything from the mortgage crisis, credit-default swaps, pension and hedge funds, to the actions of the major banks, the bailout programs and down even to the level of ratings for municipal bonds at the local levels.

At the White House briefing this afternoon, Robert Gibbs, the press secretary, was asked whether Mr. Obama would support such a commission. Mr. Gibbs said of the legislation, “I’m sure if it landed on his desk, the president would sign it.”

Some Republicans expressed concerns on the House floor yesterday that the version before them gave the Democrats six appointments and the Republicans four, and said they hoped to persuade the Democratic leadership to redraw the membership evenly.

Read more: http://thecaucus.blogs.nytimes.com/2009/05/07/white-hou... /

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At least it's a start.

[Baby Snooks]

1. Another commission...

Another commission. And another cover-up.

[Demeter]

2. This Could Be The Start of Something Fundamentally Useful and Important

a new Pecora commission.

[OffWithTheirHeads]

3. Awwww...Now that the poor little pukey pigs are in the minority

"Some Republicans expressed concerns on the House floor yesterday that the version before them gave the Democrats six appointments and the Republicans four, and said they hoped to persuade the Democratic leadership to redraw the membership evenly."

THEY WANT AFFIRMATIVE ACTION!

[The Magistrate]

4. 'Some Republicans', Ma'am, Need To Learn To Count....

"Simple arithmetic is the beginning of political wisdom."

[Frank Booth]

5. Ooohh, a commission.

Yes!

[aquart]

6. A commission? How many ex-Goldman Sachs employees will staff it?

[Hugin]

8. Precisely, my question.

Oh, I'm sure they'll throw in a few slummers from AIG, the Mortgage Bankers Association, Citi ... and so on.

And a few H1-B and Outsourcing Advocates for balance.

After spending many chargeable hours looking for a scape goat... They'll finally finger a non-existent group of insidious Bad-Apples-other-than-them...

Finally, they will justify more taxpayer bailouts, raising interest and fees on consumers and bonuses for themselves.

Should be a grand time...

[SlingBlade]

7. Should be interesting to say the least

I hear little feet scrambling around in the background

[No Elephants]

9. A frickin' waste of money. Warren Commission. 911 Commission. Please.

We already know what caused the collapse. The economic policies of the last 30 years, combined with deregulation and massive greed.

Repeal of laws and regulations put in place during FDR's day to prevent another massive collapse. Glass Stegall repealed. Repeal of laws and regulations that once kept things from getting "too big to fail." So they grow rich on our money, then get bailed out on our money, too.

Bush's claiming he wanted every person to own a home. Banks paying more for risky mortgages than for sound ones. Totally worthless mortgage based derivatives sold here and abroad. Corrupt real estate appraisers, rating agencies, law firms. ("Something's wrong with deal. Shut up. But, it's as bad as stealing. So? If we don't rate it/appraise it way too high/sign off on the legal opinion, the business will go elsewhere and someone else will do it anyway.")


An SEC so comatose that it could not or would not spot fraud at Madoff's despite receving two roadmaps from a concerned citizen.

Industry insiders contaminating every agency that is supposed to protect us, just as we have now. Foxes guarding our poor little chicken house.

Thank you, everyone. Thank you, Republicans. Thank you, Reagan, Bush I, Clinton, Bush II and also Gramm, Frank, Dodd, Biden, et al.

And now, we get to pay for a commission to find out what's in this post when they could just Google.

We need a revolution.