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mathematically perfected economy™ (MPE™)    1  :   the singular integral solution of  1) inflation and deflation,  2) systemic manipulation of the cost or value of money or property, and  3) inherent, artificial multiplication of debt into terminal systemic failure;    2  :  every prospective debtor's right to issue legitimate promises to pay, free of extrinsic manipulation, adulteration, or exploitation of those promises, or the natural opportunity to make good on them;    3  :  our right to certify, to enforce, and to monetize industry and commerce by this one sustaining and truly economic process.

MORPHALLAXIS, January 14, 1979.

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 Post subject: Financial Crisis Inquiery Commission, Angelides Commission
PostPosted: 07 Jan 2010, 6:34 pm 
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Joined: 29 Jan 2008, 6:06 pm
Posts: 731
Financial Crisis Inquiry Commission, i.e., Angelides Commission

The Fed's question: "How has the financial crisis affected the Fed’s monetary policy?

"The financial crisis has interfered with the Fed's ability to operate a conventional monetary policy. Lender-of-last-resort measures have been a primary focus. The FOMC has reduced its target for the federal funds rate essentially to zero—"conventional" monetary policy is now off the table. The Federal Reserve has pursued unconventional policy options, such as the purchase of long-term Treasury securities and mortgage-backed securities".

Source:http://timeline.stlouisfed.org/

Could the Fed be buying everything it possibly can?

Image

what caused the crisis web page wrote:

"Legal chicanery and pitch darkness were the banker's stoutest allies."

- from Wall Street Under Oath, 1936, the memoir of Ferdinand Pecora

In 1933, Ferdinand Pecora - lead counsel for the Senate Banking and Currency Committee inquiry - led an investigation into the causes of economic collapse that preceded the Great Depression. His unrelenting investigation provided the evidentiary basis for legislation that restored market integrity and rebuilt public confidence in the financial markets and the banking system. For 45 years - until many of the New Deal protections were removed by de-regulation and insufficient supervision - these laws formed the basis of an economic structure that created prosperity and withstood crisis.

By taking lessons from the original commission in its design and execution, the recently established Financial Crisis Inquiry Commission (FCIC) can ensure that it provides the insights necessary to understand what caused the crisis and, in so doing, to protect the nation from future collapses.

Please join us in signing this letter that encourages the new "Pecora" Commission to pursue rigorously the truth.



Finally, the Financial Crisis Inquiry Commission or Angelides Commission will hold its first hearings January 13th and 14th, 2010 that is almost two years since the financial crisis hit the Main Street and Wall Street at the same time. The Wall Street has recovered but the Main Street is going, with way underutilized possibilities, deeper and deeper into pseudo-economic abyss. Will the Angelides commission have final word on how the economy should be run? We will have to wait until the thinking for all of us heads will tell us in December of 2010

Ten commissioners on the Financial Crisis Inquiry Commission will interrogating four bankers, we don't know for how long and how deep the inquiry will take us. The A-Commission will be empowered to ask who, what, when, where and how questions of the group of four banking executives such as:

- Lloyd Blankfein of Goldman Sachs,
- Jamie Dimon of JPMorgan Chase,
- John Mack of Morgan Stanley, and
- Brian Moynihan of Bank of America.

wikipedia wrote:
The Financial Crisis Inquiry Commission (FCIC) is a ten-member commission appointed with goal of investigating the causes of the financial crisis of 2007–2009.

The Commission has been compared to the Pecora Commission, which investigated the causes of the Great Depression in the 1930s, and has been nicknamed the New Pecora Commission. Analogies have also been made to the 9/11 Commission, which examined the September 11 terrorist attacks. The Commission does have the ability to subpoena documents and witnesses for testimony, a power that the Pecora Commission had but the 9/11 Commission did not. The first public hearings of the Commission will begin on January 13, 2010, with the testimony of various banking officials. This will continue during 2010 with "hundreds" of other persons in business, academia, and government testifying, leading to a report due in December 2010.

Source:http://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission


Here is must be stated that wikipedia ignored for some reason Mathematically Perfected Economy entry by deleting MM's post.

Quote:
[size=150]Creation and statutory mandate

The Commission was created by section 5 of the Fraud Enforcement and Recovery Act of 2009 (Public Law 111-21), signed into law by President Barack Obama on May 20, 2009. That section of the Act:

* Set the purpose of the Commission is "to examine the causes, domestic and global, of the current financial and economic crisis in the United States."
* Set its composition of a 10 members appointed on a bipartisan and bicameral in consultation with relevant Committees, with six members chosen by the congressional majority, the Democrats (three appointed by the Speaker of the House and three appointed by the Senate Majority Leader; and four chosen by the congressional minority, the Republicans (two from the House Minority Leader and two from the Senate Minority Leader.
* Expressed the "sense of the Congress that individuals appointed to the Commission should be prominent United States citizens with national recognition and significant depth of experience in such fields as banking, regulation of markets, taxation, finance, economics, consumer protection, and housing" and also provided that n"o member of Congress or officer or employee of the federal government or any state or local government may serve as a member of the Commission."
* Provided that Commission's chair be selected jointly by the congressional majority leadership and that the vice chair be selected jointly by the congressional minority leadership, and that the chair and vice chair may not be from the same political party.
* Set the "functions of the Commission" as:

"To examine the causes of the current financial and economic crisis in the United States, specifically the role of

(A) fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector;
(B) Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements;
(C) the global imbalance of savings, international capital flows, and fiscal imbalances of various governments;
(D) monetary policy and the availability and terms of credit;
(E) accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles;
(F) tax treatment of financial products and investments;
(G) capital requirements and regulations on leverage and liquidity, including the capital structures of regulated and non-regulated financial entities;
(H) credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets;
(I) lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk;
(J) affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies;
(K) the concept that certain institutions are 'too-big-to-fail' and its impact on market expectations;
(L) corporate governance, including the impact of company conversions from partnerships to corporations;
(M) compensation structures;
(N) changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market;
(O) the legal and regulatory structure of the United States housing market;
(P) derivatives and unregulated financial products and practices, including credit default swaps;
(Q) short-selling;
(R) financial institution reliance on numerical models, including risk models and credit ratings;
(S) the legal and regulatory structure governing financial institutions, including the extent to which the structure creates the opportunity for financial institutions to engage in regulatory arbitrage;
(T) the legal and regulatory structure governing investor and mortgagor protection;
(U) financial institutions and government-sponsored enterprises; and
(V) the quality of due diligence undertaken by financial institutions;

(2) to examine the causes of the collapse of each major financial institution that failed (including institutions that were acquired to prevent their failure) or was likely to have failed if not for the receipt of exceptional Government assistance from the Secretary of the Treasury during the period beginning in August 2007 through April 2009;
(3) to submit a report under subsection (h);
(4) to refer to the Attorney General of the United States and any appropriate State attorney general any person that the Commission finds may have violated the laws of the United States in relation to such crisis; and
(5) to build upon the work of other entities, and avoid unnecessary duplication, by reviewing the record of the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, other congressional committees, the Government Accountability Office, other legislative panels, and any other department, agency, bureau, board, commission, office, independent establishment, or instrumentality of the United States (to the fullest extent permitted by law) with respect to the current financial and economic crisis.

* Authorized the Commission to "hold hearings, sit and act at times and places, take testimony, receive evidence, and administer oaths" and "require, by subpoena or otherwise, the attendance and testimony of witnesses and the production of books, records, correspondence, memoranda, papers, and documents." This subpoena power was also held by the Pecora Commission, but not the 9/11 Commission.
* Provided that "a report containing the findings and conclusions of the Commission" shall be submitted to the President and to the Congress on December 15, 2010, and that at the discretion of the chairperson of the Commission, the report may include reports or specific findings on any financial institution examined by the Commission.
* Provides that the chairperson of the Commission shall, not later than 120 days after the date of submission of the final report, appear before the Senate Banking Committee and the House Financial Services Committee to testify regarding the Commission's findings.
* Provides for the termination of the Commission 60 days after the submission of the final report.

Composition

Speaker of the House Nancy Pelosi of California and Senate Majority Leader Harry Reid of Nevada each made three appointments, while House Minority Leader John Boehner of Ohio and Senate Minority Leader Mitch McConnell of Kentucky each made two appointments:

* Phil Angelides (chairman) - Pelosi (jointly chosen as chair by Pelosi and Reid)
* Bill Thomas (vice chairman) - Boehner (jointly chosen as vice chair by Boehner and McConnell)
* Brooksley Born (Pelosi)
* Byron Georgiou (Reid)
* Bob Graham (Reid)
* Keith Hennessey (McConnell)
* Douglas Holtz-Eakin (McConnell)
* Heather Murren (Reid)
* John W. Thompson (Pelosi)
* Peter Wallison (Boehner)

Photos here:
http://blog.prospect.org/blog/weblog/FCIC%20Commissioners%20w%20photos.pdf


Commission's investigation and public response

Angelides has announced the hiring of the Thomas Greene as the commission's executive director. A final report is due to Congress on December 15, 2010.

The first meeting of the Commission took place at Washington on September 17, 2009, and consisted of opening remarks by Commissioners.

The Franklin and Eleanor Roosevelt Institute has launched a website, WhatCausedTheCrisis.com, with an open letter to encourage the Commission to appoint a single investigator, afford no special treatment, and provide the tools to do the job. The letter is signed by Hamilton Fish V, James P. Hoffa, James K. Galbraith, Robert Reich, Joseph Stiglitz, and Howard Gardner, among others.

source:http://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission


wiki entry made by "What Caused the Crisis We Deserve To Know"
http://whatcausedthecrisis.com/

Well let's answer the "What Caused the Crisis" question in one sentence. The Crisis was engineered and cause by compounding interests on top of compounding interests on top of compounding interests ad infinitum and tanken to the extrem and it will not be permanently solved until the interest idea is permanently removed from the Economic Stability Equation, ESE = 1:1:1




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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.



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