The FCIC Report Tells the Truth.

The FCIC Report can be downloaded from their Website.

On Jan. 27, 2011, the Federal Financial Crisis Inquiry Commission (FCIC), which was established by Congress in 2009, to determine the causes of the financial blowout of 2007-08, made history. Its 500-odd-page report, known in short by the name of the Commission’s chairman, Philip Angelides, told the truth about the last 40 years of policy decisions which have led to the bankruptcy of the U.S. financial system, and devastation of the U.S. economy.

To us in the LaRouche movement, the conclusions and chronology of this report were no surprise. Indeed, the chronicle and analysis paralleled the record of Lyndon LaRouche himself, who has uniquely both forecast the development of the current financial-economic breakdown crisis, and presented the policy alternatives which, at every point along the way, so far, have been rejected by the leading financial “experts” and authorities. The result, as any sane person knows, has been catastrophic.

Angelides’ summary conclusion is succinctly damning:

“More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairman Alan Greenspan and others, supported by successive administrations and Congresses and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe. This approach had opened up gaps in oversight of critical areas with trillions of dollars at risk, such as the shadow banking system and over-the-counter derivatives markets. In addition, the government permitted financial firms to pick their preferred regulators in what became a race to the weakest supervisor.”

But it is worse than inadequate to leave the matter at that. For, as LaRouche and his movement have insisted without compromise, nothing has been done to ameliorate this crisis! The Angelides Commission puts it mildly:

“Our financial system is, in many respects, still unchanged from what existed on the eve of the crisis. Indeed, in the wake of the crisis, the US financial sector is now more concentrated than ever in the hands of a few large, systemically significant institutions.

“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.”

In his Feb. 2 presentation on the LPAC-TV Weekly Report, LaRouche drew the necessary conclusions, for what must be done now. He said:

“The Angelides report, by going through the breaking points, not coincidentally, happened to coincide with exactly my previously confirmed forecasts, and therefore, I have a very distinct authority and importance for decisions-makers, in the present crisis. If people do not change their ways, and now, finally, respond to the fact that I had been correct, that decision not to respond, would mean the end of the existence of the United States, a development which many in England, and the British Empire as such, would like to see happen: The desire to destroy the United States since before it was created, since 1763, has continued to the present time. And these characters, of the international British Empire, the British Empire which was actually founded, in fact, as the empire of the British East India Company in February 1763, have now taken over the world.”

The solution, he concluded, is the immediate forcing through of Glass-Steagall, an act which will require the removal from the Presidency of the principal obstacle to that measure, the mentally ill Barack Obama.

Here we include a summary of those breaking points that LaRouche refers to, putting side by side, LaRouche’s warnings and actions, with the Angelides Commission’s analysis, the line of the so-called financial experts (mostly in government), and what the consequences were of the toleration by the U.S. population of the decisions of those “experts.” The conclusion should be obvious. The Angelides report underscores the reality, already knowable, that LaRouche was right. There is now no excuse not to act, by readopting Glass-Steagall now.

http://www.larouchepac.com/fcicreport