(LPAC) - On 27 January 2011 the Commission of Inquiry into the crisis created by the U.S. Congress in 2009 to establish the causes of the financial crash of 2007 -2008, made history. Its report, known as Value for Angelides by the name of the Commission President, Philip Angelides, gives a remarkably accurate job of ten years deregulation of banking, "shadow banking" and speculation in financial derivatives that led to global collapse. Stresses that the repeal of Glass-Steagall Act in 1999, after the Federal Reserve had adopted all measures to weaken the nineties, was a central factor in causing the collapse.
For those who have followed in recent decades, Lyndon LaRouche, the findings and the history of the relationship Angelides are not a surprise. In fact, LaRouche had consistently warned that the measures are denounced in the report, proposing an alternative policy, which had been rejected by "experts" and financial authorities.
In Weekly Report of Feb. 2 to LPAC-TV, LaRouche noted that "this is the first official report published by an organization commissioned by the U.S. government, which publishes the general truth about the recent economic history of the United States." Although the solution does not require, the Commission's study Angelides indicates that the main errors were committed, said LaRouche, which is essential to exit the current chaos.
For those who continue to argue that the crash was unforeseeable, the conclusions of the report states unequivocally: "We conclude that this financial crisis could be avoided. The crisis was the result of human actions and omissions, not Mother Nature or models computing crazy. The captains of finance and our system financial ignored the warnings and were not able to question, understand and manage risk evolution of a system essential to the welfare of the American public. Theirs has been a serious failure, not a false move ... a crisis of this magnitude should not occur. To paraphrase Shakespeare, the fault lies not in the stars but in ourselves. "FCIC
The Commission correctly indicates that more than 30 years of deregulation and self-reliance of financial institutions, commissioned by former Federal Reserve Governor Alan Greenspan and by others, supported by successive administrations and Congress, and actively promoted by the powerful financial industry at every step, eliminated protection keys, which would have helped to avert catastrophe. This approach has given way to the loopholes in the supervision of certain critical areas with trillions of dollars at risk, as the shadow banking system and markets for OTC derivatives (over-the-counter). Moreover, the government has allowed financial firms to choose the inspectorate that has become a favorite in a race to the supervisor weaker.
The report is devastating for the Federal Reserve and other supervisory agencies, credit rating agencies and the same financial institutions. In fact, corruption was pervasive throughout the system. It lists such figures spree in bribes and money to lobby for Wall Street that were in Washington to make sure that the law was repealed Glass-Steagall, arguing that the supervisory agencies "did not have the political will" to scrutinize and involve the institutions that were required to monitor, and report that the financial industry has spent at least 2, 7 billion dollars for lobbying between 1999 and 2008, over one billion dollars in campaign contributions from figures linked to Wall Street. The report also notes that the real economy has suffered due to excess growth of the financial sector.
The conclusion of the introduction is a battle cry implied more than two years after the federal government's unprecedented intervention in financial markets, "the Our financial system is in many respects, still unchanged from that which existed on the eve of the crisis. In fact, in the wake of the crisis, the U.S. financial sector is even more concentrated in the hands of a few large institutions systemically significant ".
" Even if we were asked to make recommendations on what policy to adopt the goal of our report is to give an account of what happened in order to decide a new course ... would be the greatest tragedy if we accept that the chorus was not possible to foresee the crisis and therefore could not have been doing nothing. If we accept this notion, the crisis will be repeated. "
The Committee LaRouche political (LPAC) has launched a mobilization to "restore the Glass-Steagall Act," using the relationship Angelides to raise hundreds of members of parliament and provide them with valuable ammunition in the battle to force Congress to implement a general reorganization of banking. The report, which fully confirms the warnings of LaRouche and his movement, widely circulated at the national level as a paperback book.
At the same time the bold offensive public Phil Angelides and the opposition of the Republicans have kept alive the attention of the committee on its findings. Darrell Issa, Republican chairman of the Commission on the Protection and Government Reform, Spencer Bachus, Chairman Finance Committee, and Patrick Henry, chairman of the Banking Committee have asked that it be posted on FCIC's budget, its records of expenditure, those of the staff, and more than 400,000 internal emails. In a letter to President Angelides, argue that if the Commission was guilty of four Republican members have had to distance himself from the conclusions of the report that the repeal of Glass-Steagall contributed to the crash.
The Republican counterattack is attracting even more attention to the relationship of the FCIC, awaiting the moment when the President of the Commission to testify Angelides Bachus February 16. On February 2, were published in several attacks on Republican members "dissidents" of the committee, including an Hon. Brad Miller, Democrat of the committee. Professor William Black, a former banking regulator, in a complaint to the Mortgage Investor newsletter Commissioner "dissident" Peter Wallisson American Enterprise Institute, for his serious conflicts of interest as he was promoting deregulation when he was adviser to the President Reagan, and Wall Street banker himself.
reply in writing to Issa and others, Angelides argues that the FCIC is expected to conclude its work on February 13, and that the staff that is working to collect historical documents of the Committee for the National Archives. Adds that has neither the staff nor the funds necessary to meet the massive demands of Republicans (ironically, one of the charges Hon. Issa is just that the FCIC would have spent too much money).
Meanwhile Angelides has granted several interviews, pointing the finger at what the report calls the "shadow banking system" in 2008 has come to exceed the size of the regulated banking system (13 trillion to 11 trillion dollars over the regulated system ), with its protections and the elimination of the wall provided by the Glass-Steagall.
imparting Brian Lehrer on WNYC, Angelides urged listeners to download and read the report of the FCIC explaining why it is so important. He said having to do with the financial industry all his life, and that he was "appalled" and "dumbfounded" by what he learned during this investigation.
"Our financial system has gone from a system that would support the real economy (businesses, creating jobs, creating wealth for the country) to a system designed only to make money, financial engineering just , to the great detriment of the country ... it's all there is a story that will stand the test of time. " In an interview with CNBC
Angelides points out that the same risk factors of the crash of 2008 are still there, and that the crisis could then be repeated. Reports that the "rapids sales "of the report format paperback book is proof that Americans have a great need to find out what happened and how to prevent it happening again.
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