CONCLUSIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION – Published by United States Government January 27th 2011
– Stupidity & fraud mostly
The reason I found the CONCLUSIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION report relevant is that it uses fairly easy to understand layman’s language to describe the appalling immorality of the sub-prime mortgage industry, together with it’s devious inclinations and mis-representations and mis-selling to householders which has resulted in millions of re-possessions in the USA and quite a few in the UK.
The report sheds light & understanding of how ghastly the banks were in deliberately manipulating the entire global economy in a frenzy of greed which not only caused millions of re-possessions, but even greater economic destruction of many countries’ entire economies.
The report is relevant because a very small number of banks, operating globally, had and still have, a stranglehold on World finances & economies. They took over the mortgage market which all householders rely on for financing home purchase, and used their deviousness to deliberately drive up property prices and the costs of mortgages to milk millions of people who were reluctantly forced to use their unpleasantly devious usurious loans to buy family homes.
This whole dishonest saga started off in the USA and spread to the UK as the American banks moved to London to operate within the UK.
So the American CONCLUSIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION report is relevant to us as the problems in the UK were directly imported from immoral dishonest banks in America. The American report makes this fairly clear.
The UK is suffering precisely the same financial problems as the USA, caused in both countries by the same mechanism and by the same banks. It is one and the same problem.
CONCLUSIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION
The Financial Crisis Inquiry Commission has been called upon to examine the financial and economic crisis that has gripped our country and explain its causes to the American people. We are keenly aware of the significance of our charge, given the economic damage that America has suffered in the wake of the greatest financial crisis since the Great Depression. Our task was first to determine what happened and how it happened so that we could understand why it happened. Here we present our conclusions.
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