Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)

Download or read book Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report) written by United States Senate and published by Lulu.com. This book was released on 2013-06-10 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the fall of 2008, America suffered a devastating economic collapse. Once valuable securities lost most or all of their value, debt markets froze, stock markets plunged, and storied financial firms went under. Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover. This Report is the product of a two-year bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future.