Dorgan and McCain call for investigations into financial crisis

[babylonsister]

Oh, noes! They might actually find President Obama isn't responsible for this! Whatever will the rethugs do?!


http://briefingroom.thehill.com/2009/03/08/dorgan-and-mccain-call-for-investigations-into-financial-crisis/

Dorgan and McCain call for investigations into financial crisis
@ 12:30 pm by Michael O'Brien


Congress should establish a select committee to investigate the causes of the current financial crisis, two senior lawmakers wrote Sunday.

Sens. Byron Dorgan (D-N.D.) and John McCain (R-Ariz.) called for a "comprehensive investigation" into the roots of the financial collapse in order to prevent similar circumstances in the future.

"The urgency and scope of this problem dictate that we must join together, take bold steps to fix what's wrong and ensure that we never face this kind of threat again," the two wrote in an op-ed for the Washington Post published Sunday."Congress should immediately commence a full investigation — and in a manner that does not promote any political agenda."

The two likened the commission to the Truman commission, which investigated World War II-era fraud, and the Kefauver committee, which investigated organized crime.

In modern times, similar committees — though not always initiated by Congress — have investigated the 9/11 attacks on America, as well as the U.S. presence in Iraq.

[stray cat]

1. I agree - and prosecutions should occur if fraud can be shown

[etherealtruth]

2. Makes sense to me

Even broken clocks are right twice a day

[screembloodymurder]

3. As if we didn't know.

The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.<1> Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act.<2><3>

[PA Democrat]

4. McCain can start by talking to his good buddy Phil Gramm

about how all that deregulation Gramm spearheaded worked out.

[pscot]

5. I'm holding out for the FBI

and several grand juries.

[BuyingThyme]

6. Boy oh boy, Congress is sure on the ball.

[girl gone mad]

7. It'll be a whitewash.

Congress in its current form functions largely as a barrier between the moneyed elites and the working class.

[bluesmail]

8. good lord McCain...probably to steer it away from himself...and Gramm...and eom

[TripleKatPad]

9. I won't be holding my breath

These dipwads, like all Republics, are only interested in the truth if it smears the Dems. They are incapable of looking in the mirror and seeing their own culpability.

[babylonsister]

11. Ummm, Dorgan is a Democrat. nt

[nichomachus]

10. Next -- an investigation into whether fire is hot

It was Reagan, Gramm, Alan Greenspan, the Bush Family, Dick Cheney, and their co-conspirators who removed corporate regulations and let the banking industry run wild.

Christ on a pogo stick -- you don't need a fucking investigation.

[creeksneakers2]

12. That can't be determined factually

Sounds like a stage for ideological bickering.