The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

Official Government Edition The definitive report on what caused America's economic meltdown— and who was responsible The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts. Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to. The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis. In the tradition of The 9/11 Commission Report, The Financial Crisis Inquiry Report will be a comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people. **Official Government Edition** The definitive report on what caused America's economic meltdown— and who was responsible The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts. * Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to. * The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis. * In the tradition of The 9/11 Commission Report, __The Financial Crisis Inquiry Report__ will be a comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people. PART I : CRISIS ON THE HORIZON: Before our very eyes -- -- PART II : SETTING THE STAGE: Shadow banking -- Securitization and derivatives -- Deregulation redux -- Subprime lending -- -- PART III : THE BOOM AND BUST: Credit expansion -- The mortgage machine -- The CDO machine -- All in -- The madness -- The bust -- -- PART IV : THE UNRAVELING: Early 2007 : spreading subprime worries -- Summer 2007 : disruptions in funding -- Late 2007 to early 2008 : billions in subprime losses -- March 2008 : the fall of Bear Stearns -- March to August 2008 : systemic risk concerns -- September 2008 : the takeover of Fannie Mae and Freddie Mac -- September 2008 : the bankruptcy of Lehman -- September 2008 : the bailout of AIG -- Crisis and panic -- -- PART V : THE AFTERSHOCKS: The economic fallout -- The foreclosure crisis -- DISSENTING VIEWS: Dissenting statement -- Keith Hennessey, -- Douglas Holtz-Eakin, -- Bill Thomas Financial Crisis Inquiry Commission dissenting statement -- Peter J. Wallison Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability.