by Richard Cook
Neither Wexler nor Leahy mention reopening the 9/11 case. And neither mentions the event that may be just as momentous—this is the “financial 9/11”; i.e., the 2008 collapse of the U.S. financial system.
I’d like to find out, for instance, how the 9/11 terrorist attacks were connected with the extraordinary movement of massive amounts of funds within and outside the Federal Reserve and U.S. banking system that led to a huge growth in the M3 monetary supply before the Federal Reserve stopped reporting M3 data in 2006. Such a link has been suggested in some internet reports.
I’d also like to know how and why Federal Reserve Chairman Alan Greenspan colluded with the Bush White House to suddenly start pumping massive amounts of credit into the housing bubble from 2001-2005 and what instructions went out to Comptroller of the Currency, the Securities and Exchange Commission, and other federal regulators to prevent the abuses in the subprime mortgage market from being investigated.
Then I’d like to know why the Bush Administration, including Secretary of the Treasury Henry Paulson, claimed no one foresaw the crash of the financial system in October 2008, why the demand was suddenly made to Congress for over $700 billion in bank bailouts, and what the role of Paulson and the host of other former Goldman-Sachs executives working for the Bush administration had in setting the stage for the crash and profiting from it.
Of course neither Wexler nor Leahy intend to examine any of these issues. Which is why their calls for investigations make good political theater, may put a few minor players on the hot seat, but, in the big picture, will be a complete waste of time. A better course would be a Special Prosecutor. But the Obama administration has given no indication of doing this either. [more]