From a NY Times Editorial: Facts and the Financial Crisis The Financial Crisis Inquiry Commission, created by Congress to examine the causes of the crisis, held its first public meeting last week. … the meeting was a long time coming, and thin on substance. The NY Times asks some good questions: In the run-up to the crisis, what did regulators, particularly the Federal Reserve, know and do in response to unconstrained lending? What were their thoughts about the way banks and investors worldwide increasingly disregarded risk? Publicly, they did not act to curb the excesses. But internally, was there contrary analysis or dissent? Were there chances to take another course that we may learn from now in hindsight? Answers to these questions are in files that are not public and in the heads of the people in positions of responsibility at the time. The commission must be aggressive in its pursuit of documents and unflinching in taking testimony at even the highest levels of government and business.

Read more here – NY Times: Financial Crisis Inquiry Commission