Subprime Scandal: Weve long suspected the Financial Crisis Inquiry Commission wasnt honest in examining events before the meltdown. But an ex-commissioner says the probe was actually a full-blown political cover-up. In a just-released book, former FCIC member Peter Wallison says that a Democratic Congress worked with the commissions Democratic chairman to whitewash the governments central role in the mortgage debacle. The conspiracy helped protect some of the Democrats biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallisons sobering, trenchantly written Hidden in Plain Sight: What Really Caused the Worlds Worst Financial Crisis and Why It Could Happen Again reveals that the Democrat-led panel buried key data proving that the U.S. Department of Housing and Urban Development and other federal agencies pushed the housing market over the subprime cliff. The final FCIC report put the blame squarely on Wall Street. In 2009, then-House Speaker Nancy Pelosi appointed her California pal Phil Angelides, a long-time Democrat operative, to lead the commission. The fix seemed to be in, and Wallisons account of the inner workings of the 10-member body confirms it. Heres what took place during the FCICs 18-month, $10 million probe: Read More At Investors Business Daily: news.investors/ibd-editorials/012215-735877-whistleblower-reveals-pelosi-covered-up-government-role-in-housing-crisis.htm#ixzz3PnwLp59n Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
Posted on: Sun, 25 Jan 2015 04:33:52 +0000