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FCIC: Financial Crisis Was Avoidable

01/27/2011 12:20 pm 0 comments

Source: Ben Rooney / CNN Money

New York – The financial crisis, which wreaked havoc on the economy and sparked a painful recession, could have been avoided, according to a federal commission.

The Financial Crisis Inquiry Commission, in its final report on the causes of the crisis, said Thursday that federal authorities, who failed to curb reckless behavior on Wall Street, bear much of blame for the turmoil that erupted in 2008 and 2009.

“We conclude first and foremost that this crisis was avoidable,” said Phil Angelides, the commission chairman, at a press conference in Washington.

The crisis was the result of “human action and inaction,” he said, warning that it could be repeated “if we do not learn from history.”

To read this article in its entirety visit CNN Money.

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