Q: But what does the White House believe?
MR. GIBBS: I just gave you what the White House believes.
What should we believe?
Perhaps another investigation that gets underway this week may offer some answers. Its lacks the power and zeal of the independent Pecora Commission appointed by FDR to probe the causes of the Crash of '29, but it will at least raise some questions. It is, unfortunately, modeled on the 9/11 Commission that was subverted by the Bush Administration and ended up raising more questions than it answered.
Reports the New York Times:
"The commission, comprising six Democrats and four Republicans, has summoned four heads of big banks to testify on Wednesday at the panel's first substantive hearing: Lloyd C. Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John J. Mack of Morgan Stanley and Brian T. Moynihan of Bank of America.
"There is a deep hunger out there, on behalf of the American people, to understand what happened,' the commission's chairman, Phil Angelides, said in an interview on Friday. "It arises out of anger, confusion and anxiety about their own future. This will be, in a real sense, the only public forum for examination of this crisis.'"
Writes columnist Frank Rich, "Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin."
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