Surprise: Lax oversight blamed for financial crisis

Confirming what most people–at least those outside Washington and Wall Street–already believe, the Financial Crisis Inquiry Commission said Thursday that the failure of federal authorities to curb reckless behavior on Wall Street was largly responsible for the turmoil that sparked the recession.

The commission “challenges the notion, expressed by many on Wall Street and in Washington, that the crisis could not have been foreseen,” Ben Rooney says at CNNMoney.

In a dissent, however, three members of the commission describe the majority’s conclusion as “simplistic,” Jacob Gaffney says at HousingWire, and blamed “shock and panic” for much of the problem.