Anatomy of a Financial Crisis - Part 2

The Government

The NBR series Anatomy of a Financial Crisis dissects the roles Wall Street, Washington, and Main Street played in creating the crisis. In this report, NBR correspondent Stephanie Dhue explains what part of the blame should be claimed by the government.



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External Links/Articles*

• Commodity Futures Trading Commission (CFTC) (PDF Document)
  The CFTC is the agency that regulates commodity futures and option markets in the U.S. This links to October 15, 2008 testimony CFTC Acting Chairman Walter Lukken gave before the U.S. House Committee on Agriculture. The testimony is titled, "Review of Credit Deriviatives."
• Federal Financial Analytics (PDF Document)
  Federal Financial Analytics is a consulting firm that "works to protect clients from the range of risks that result from poor anticipation and analysis of U.S. policy." The firm's managing partner, Basil "Karen" Petrou, is interviewed in Stephanie Dhue's report. This links to a copy of testimony Petrou gave before the U.S. Senate Committee on Banking, Housing and Urban Affairs on July 18, 2007. The testimony is titled, "Modernization of Federal Housing Administration Programs."
• Federal Housing Administration (FHA)
  The FHA, which is the part of the U.S. Department of Housing and Urban Development, insures mortgage loans in the U.S. and its territories.
• Knowledge@Wharton (Registration Required)
  Knowledge@Wharton is the online business journal of the Wharton School of the University of Pennsylvania. This links to a September 17, 2008 article published in the journal. The article is titled, "After the Bailout: How Can the Fed clean Up the Fannie and Freddie Mess?"
• U.S. Government Accountability Office (GAO) (PDF Document)
  The GAO's "mission is to help improve the performance and assure the accountability of the federal government for the benefit of the American people." this links to an October 16, 2007 GAO report titled, "Information on Recent Default and Foreclosure Trends for Home Mortgages and Associated Economic and Marketplace Developments."
• U.S. House Committee on Oversight and Government Reform
  This links to information about the October 23, 2008 hearing the committee held on "the Role of Federal Regulators in the Financial Crisis." The page includes the testimony of former Federal Reserve Chairman Alan Greenspan, former Secretary of the Treasury John Snow, and the current Chairman of the Securities and Exchange Commission.

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.