Causes And Current State Of The Financial Crisis

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The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Financial Crises

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1484355261
Total Pages : 754 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Financial Crises by : Mr.Stijn Claessens

Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Revised Corrected Copy)

Download The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Revised Corrected Copy) PDF Online Free

Author : Phil Angelides
Publisher : Government Printing Office
ISBN 13 : 0160883598
Total Pages : 1001 pages
Book Rating : 4.1/5 (68 download)

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Book Synopsis The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Revised Corrected Copy) by : Phil Angelides

Download or read book The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Revised Corrected Copy) written by Phil Angelides and published by Government Printing Office. This book was released on 2011-04-18 with total page 1001 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. Some of these areas include: fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; monetary policy and the availability and terms of credit; accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; tax treatment of financial products and investments; credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; and more The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.

Monetary Policy and the Housing Bubble

Author : Jane Dokko
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis Monetary Policy and the Housing Bubble by : Jane Dokko

Download or read book Monetary Policy and the Housing Bubble written by Jane Dokko and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Hidden in Plain Sight

Author : Peter J. Wallison
Publisher : Encounter Books
ISBN 13 : 159403866X
Total Pages : 331 pages
Book Rating : 4.5/5 (94 download)

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Book Synopsis Hidden in Plain Sight by : Peter J. Wallison

Download or read book Hidden in Plain Sight written by Peter J. Wallison and published by Encounter Books. This book was released on 2016-03-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis—like the Great Depression—was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis. A competing narrative about what caused the financial crisis has received little attention. This view, which is accepted by almost all Republicans in Congress and most conservatives, contends that the crisis was caused by government housing policies. This book extensively documents this view. For example, it shows that in June 2008, before the crisis, 58 percent of all US mortgages were subprime or other low-quality mortgages. Of these, 76 percent were on the books of government agencies such as Fannie Mae and Freddie Mac. When these mortgages defaulted in 2007 and 2008, they drove down housing prices and weakened banks and other mortgage holders, causing the crisis. After this book is published, no one will be able to claim that the financial crisis was caused by insufficient regulation, or defend Dodd-Frank, without coming to terms with the data this book contains.

What Caused the Global Financial Crisis

Author : Erlend Nier
Publisher : International Monetary Fund
ISBN 13 : 1455210722
Total Pages : 64 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis What Caused the Global Financial Crisis by : Erlend Nier

Download or read book What Caused the Global Financial Crisis written by Erlend Nier and published by International Monetary Fund. This book was released on 2010-11-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis.

Causes and Current State of the Financial Crisis

Author : Sheila C. Bair
Publisher :
ISBN 13 : 9781437928532
Total Pages : 20 pages
Book Rating : 4.9/5 (285 download)

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Book Synopsis Causes and Current State of the Financial Crisis by : Sheila C. Bair

Download or read book Causes and Current State of the Financial Crisis written by Sheila C. Bair and published by . This book was released on 2010-08 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statement of Sheila C. Bair, Chmn., Fed. Deposit Insur. Corp. (FDIC), on the causes and current state of the financial crisis -- the most severe financial crisis and the longest and deepest economic recession since the Great Depression. Products and practices that originated within the shadow banking system have proven particularly troublesome in this crisis. We are now poised to undertake far-reaching changes that will affect the regulation of our entire financial system, including the shadow banking sector. This testimony focuses on the failure of market discipline and regulation, provides a detailed chronology of events that led to the crisis and suggests reforms to prevent a recurrence. Charts and tables.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Revised Corrected Copy)

Author : Phil Angelides
Publisher : US Independent Agencies and Commissions
ISBN 13 : 9780160879838
Total Pages : 0 pages
Book Rating : 4.8/5 (798 download)

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Download or read book The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Revised Corrected Copy) written by Phil Angelides and published by US Independent Agencies and Commissions. This book was released on 2011-03-14 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. Some of these areas include: fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; monetary policy and the availability and terms of credit; accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; tax treatment of financial products and investments; credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; and more The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.

Financial Crises, 1929 to the Present, Second Edition

Author : Sara Hsu
Publisher : Edward Elgar Publishing
ISBN 13 : 1785365177
Total Pages : 245 pages
Book Rating : 4.7/5 (853 download)

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Book Synopsis Financial Crises, 1929 to the Present, Second Edition by : Sara Hsu

Download or read book Financial Crises, 1929 to the Present, Second Edition written by Sara Hsu and published by Edward Elgar Publishing. This book was released on 2017-01-27 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises and financial instability in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world.

Getting Off Track

Author : John B. Taylor
Publisher : Hoover Press
ISBN 13 : 0817949739
Total Pages : 104 pages
Book Rating : 4.8/5 (179 download)

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Book Synopsis Getting Off Track by : John B. Taylor

Download or read book Getting Off Track written by John B. Taylor and published by Hoover Press. This book was released on 2013-09-01 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this concise volume, leading economist John B. Taylor offers empirical research to explain what caused the current financial crisis, what prolonged it, and what dramatically worsened it more than a year after it began. The evidence he presents strongly suggests that specific government actions and interventions are largely to blame and that any future government interventions must be based on a clearly stated diagnosis of the problem and a rationale for the interventions.

Lessons from the Financial Crisis

Author : Rob Quail
Publisher : John Wiley & Sons
ISBN 13 : 0470561777
Total Pages : 708 pages
Book Rating : 4.4/5 (75 download)

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Book Synopsis Lessons from the Financial Crisis by : Rob Quail

Download or read book Lessons from the Financial Crisis written by Rob Quail and published by John Wiley & Sons. This book was released on 2010-06-08 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

Lessons from the Financial Crisis

Author : Rob Quail
Publisher : John Wiley & Sons
ISBN 13 : 0470622415
Total Pages : 708 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis Lessons from the Financial Crisis by : Rob Quail

Download or read book Lessons from the Financial Crisis written by Rob Quail and published by John Wiley & Sons. This book was released on 2010-09-09 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

The Great Financial Crisis

Author : John Bellamy Foster
Publisher : NYU Press
ISBN 13 : 1583671854
Total Pages : 161 pages
Book Rating : 4.5/5 (836 download)

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Book Synopsis The Great Financial Crisis by : John Bellamy Foster

Download or read book The Great Financial Crisis written by John Bellamy Foster and published by NYU Press. This book was released on 2009-01-01 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many—including economists and financial experts—were shocked by the speed at which events unfolded. In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism—one that has been gestating for several decades. It is the "real" productive economy's tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus. But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized "casino" economy that neglects social needs and, as has become increasingly clear, is fatally unstable. Written over a two-year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading.

The Financial Crisis Inquiry Report

Author : United States. Financial Crisis Inquiry Commission
Publisher : SoHo Books
ISBN 13 : 9781612930008
Total Pages : 662 pages
Book Rating : 4.9/5 (3 download)

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Book Synopsis The Financial Crisis Inquiry Report by : United States. Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by United States. Financial Crisis Inquiry Commission and published by SoHo Books. This book was released on 2011-05-01 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition is the COMPLETE Official Government Edition (containing 662 pages), officially released to the Public by the US Government. *** Copies of this edition are printed and distributed in the US by SoHo Books *** How did it come to pass that in 2008 our nation was forced to choose between two stark and painful alternatives either risk the collapse of our financial system and economy, or commit trillions of taxpayer dollars to rescue major corporations and our financial markets, as millions of Americans still lost their jobs, their savings, and their homes? The Commission concluded that this crisis was avoidable. It found widespread failures in financial regulation; dramatic breakdowns in corporate governance; excessive borrowing and risk-taking by households and Wall Street; policy makers who were ill prepared for the crisis; and systemic breaches in accountability and ethics at all levels. Here we present what we found so readers can reach their own conclusions, even as the comprehensive historical record of this crisis continues to be written. The Financial Crisis Inquiry Commission deliveres the results of its investigation into the causes of the financial and economic crisis. The Commission concluded that the crisis was avoidable and was caused by: -- Widespread failures in financial regulation, including the Federal Reserve s failure to stem the tide of toxic mortgages; -- Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; -- An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; -- Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; -- And systemic breaches in accountability and ethics at all levels. Despite the expressed view of many on Wall Street and in Washington that the crisis could not have been foreseen or avoided, there were warning signs. The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again said Phil Angelides, Chairman of the Commission. The Commission s report also offers conclusions about specific components of the financial system that contributed significantly to the financial meltdown. Here the Commission concluded that: collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis, over-the-counter derivatives contributed significantly to this crisis, and the failures of credit rating agencies were essential cogs in the wheel of financial destruction. The Commission also examined the role of government sponsored enterprises (GSEs), with Fannie Mae serving as the case study. The Commission found that the GSEs contributed to the crisis but were not a primary cause. They had a deeply flawed business model and suffered from many of the same failures of corporate governance and risk management seen in other financial firms but ultimately followed rather than led Wall Street and other lenders in purchasing subprime and other risky mortgages. The Commission s report, which was delivered to the President and Congress, contains the data and evidence collected in the Commission s inquiry, the conclusions of the Commission based on that inquiry, and accompanying dissents. The Commission s conclusions were drawn from the review of millions of pages of documents, interviews with more than 700 witnesses, and 19 days of public hearings in New York, Washington, D.C., and communities across the country that were hit hard by the crisis.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : CreateSpace
ISBN 13 : 9781456586744
Total Pages : 682 pages
Book Rating : 4.5/5 (867 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by CreateSpace. This book was released on 2011-02-04 with total page 682 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Commission was created to "examine the causes of the current ?nancial and economic crisis in the United States." In this report, the Commission presents to the President, the Congress, and the American people the results of its examination and its conclusions as to the causes of the crisis. The Commission's statutory instructions set out speci?c topics for inquiry and called for the examination of the collapse of major ?nancial institutions that failed or would have failed if not for exceptional assistance from the government. This report ful?lls these mandates. In the course of its research and investigation, the Commission reviewed millions of pages of documents, interviewed more than 700 witnesses, and held 19 days of public hearings in New York, Washington, D.C., and communities across the country. The Commission also drew from a large body of existing work about the crisis developed by congressional committees, government agencies, academics, journalists, legal investigators, and many others. Includes table of contents, index, notes to chapters, and dissenting views. (This is a commercial reprint of a US Government report)