The Financial Crisis Inquiry Commission recently published its findings in a 500+ report published on the FCIC web site. On the homepage, the authors summarize their conclusions like so:
The Commission concluded that this crisis was avoidable—the result of human actions, inactions, and misjudgments. Warnings were ignored. “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.”
A sad irony of this statement is that this is exactly what is happening now. The same people are doing the same things that caused the crisis in the first place. The actions, inactions, and misjudgments continue at every level. Warnings, especially those yelling "fire" about sovereign debt, are still ignored. The next commission that writes about the next crisis will be able to save themselves a lot of time by simply re-stating what this commission has written, since it is very likely to be true.
Dr. B. has been discussing the causes of the financial crisis on this site since August, 2008. He has been showing how our unsustainable system of debt-based growth caused the last crisis, and our ongoing homage of debt-based growth will result in a sovereign debt crisis in the near future. The FCIC could have saved itself a lot of time, money, and paper by plainly declaring this obvious outcome.