On Wednesday May 6 the House of Representatives passed the Fraud Enforcement and Recovery Act of 2009 that would create a commission to study the reasons behinds our current economic crisis. This would be similar to the 9/11 commission, which was created “to prepare a full and complete account of the circumstances surrounding the Sept. 11, 2001 terrorist attacks.” And like the 9/11 commission you would not expect government leaders to wait until such a commission had completed its work to make changes to prevent another attack, in the case of the 9/11 commission, or to repair the underpinnings of our financial structure in the current crisis.
However, given the amount of money that has been committed to various bailouts, we should be expecting the results of such a commission at this point not its formation.
