Back in January I argued that the Democrats' plans to formally investigate the financial crisis were a political ruse, the results of the investigation were pre-ordained, but that the resulting report from the Financial Crisis Inquiry Commission would likely find its way to a much more conservative Congress following the November elections. As a follow-up we should note that by mid-April the FCIC had conducted seven days of hearings with witnesses ranging from industry executives (or in many cases former executives), and a few federal and state regulators. There have been a number of staff reports issued. At least one acknowledges the role of government sponsored enterprises such as Fannie and Freddie. Yet another argues the Community Reinvestment Act was not a significant contributory factor. What you will not find so far is testimony from a single politician. After all, such financial crises are clearly the result of a weak regulatory environment overseeing an unethical or...(Read Full Post)