Whether it was a good-old-boy system, sloppy work or risk-taking to the extreme, we all know that something about this financial crisis just never seemed to meet the smell test. It all happened so fast and was so clearly a genuine emergency that one has to wonder who knew the financial implosion was coming and who, if anyone, profited -- either on the front or the back end.
I know this: I was too scared to venture into buying stock in any bank during the meltdown. Still am. And that leaves me with this question: How is it that others were so confident?
Fortunately, if it receives proper follow-up, a bill proposed by Sens. Johnny Isakson, R-Ga., and Kent Conrad, D-N.D., could help untangle this sticky web. They've proposed a commission to investigate the events surrounding the meltdown of our economy last year. And they want a complete investigation as to just what actions and parties were responsible for what might as well be called an economic Pearl Harbor; an event that not only blew up our financial institutions, but that played a critical role in the mindset of the public in the elections that followed only a month or so later.
To suggest that one company such as Goldman played some nefarious role in this situation would be unfair. What is fair to say is that there obviously are plenty of folks at many financial and other related companies that were either nowhere near as smart as we thought, or, just possibly, were outsmarting us all. Maybe someday we'll get the answers we deserve.
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