The financial crisis has ruined the lives of myriad Americans, and many are left wondering: who is to blame for all of this? A new study put out by the Financial Crisis Inquiry Commission (FCIC) blames the government and banks as the twin villains in the stock market crash (and ensuing financial turmoil).
Citing deregulation and self-regulation by banks as major factors, the study went on to say that the banks not only ignored warnings, but they also failed to question and manage the risks that their faulty mortgages were putting forth.
After 30 years of government deregulation, banks were left to their own devices to make the majority of financial decisions. They often erred on the side of profit over reliability, and Americans saw just how little oversight the banks used when the subprime mortgage bubble collapsed.
The full report can be read in a book published by the Financial Crisis Inquiry Commission after a full year of examination that will be made available on their website in paperback and e-book formats.
Expect to see a load of blame piled onto the Federal Reserve, with fingers pointed at both Ben Bernanke and his predecessor, Alan Greenspan.
If you don’t want your personal finances to go the way of the nation’s, speak with a financial advisor in your area. Investment advisors, also known as financial planners, can help you to get your finances in order and make sure that you are putting enough college savings plans for your children and retirement savings for yourself. The best part is that fee based financial planners only make money when you do, so it is in everyone’s best interest for you to succeed financially!