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 ............................................................................
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 ............................................................................