A lttle Euphoria this Morning
Apparently the market is initially looking at the positives of the SOTU speech and ignoring the black cloud of the Tea Party and Deficit Hawks. While some positives will evolve out of this, it will be mostly head butting in Washington in 2011.
And this little piece of confirmation of what we all have known for a long time.
Financial Crisis Could Have Been Avoided
The 2008 financial meltdown was not an act of nature. Rather, it resulted directly from governmental incompetence and corporate avarice, according to a federal inquiry into the economic crisis, reports the New York Times. The inquiry found former Fed Chairman Alan Greenspan guilty of negligence by pushing for deregulation and failing to “stem the flow of toxic mortgages” as financial storm clouds gathered. The panel also falted his heir, Ben Bernanke, who didn’t see the storm coming yet was tasked with repairing its devastation. “The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” concluded the Financial Crisis Inquiry Commission in its final 576-page report to be released Thursday. “If we accept this notion, it will happen again.” The panel’s conclusions were split along party lines, with Democrat-appointed members endorsing the final report and its four Republican members rejecting it.
Read original story in The New York Times | Wednesday, Jan. 26, 2011