The name Financial Crisis Inquiry Commission is poorly chosen; there’s an inquiry crisis that is far more pressing than the financial one. Don’t forget that this circus takes place against the backdrop of two recent policy decisions: First, a $4 trillion budget to bail out anything that’s too big to fail, and Second, an unlimited budget to bail out Fannie Mae, Freddie Mac, Ginnie Mae and the FHA. With that sort of firepower put in place in the past few weeks, why would any banker care about answering a question or two? They’re sitting very pretty, and they can take any risk they want, since there is no downside to them in any risk: they can’t lose anymore.
