At long last, here is the dissent filed by Vice Chairman Bill Thomas, Dr. Doug Holtz-Eakin, and me to the Financial Crisis Inquiry Commission Report. (I know, you’ve been holding your breath waiting for this.) This dissent will be transmitted to the President and the Congress later today (Thursday, January 27th) along with the majority’s document and Peter Wallison’s separate dissent.
Our dissent is 27 pages long as a PDF. The majority’s document is 20 times longer. Their endnotes are 98 pages. I am not making this up. The full report will be available on FCIC.gov tomorrow around 10 AM EST. Peter Wallison’s dissent is available now.
Since I know that 27 pages is too long for the overwhelming majority of readers on the web, I’ll try to suck you in by telling you that our core argument is in the first seven pages. The last twenty flesh out in more detail each of our “ten essential causes of the crisis.” You could stop after seven pages (I hope you won’t) and have our basic argument.
If you have followed any of the press coverage of the FCIC over the past six weeks, you may think you know what we’re going to say. This dissent, however, makes a fundamentally different argument than the four-man document I signed onto in December. For me this document supersedes that December document, which I looked on as a temporary placeholder.
Here is the text:
- As a long web page: Dissenting Statement of Commissioner Keith Hennessey, Commissioner Douglas Holtz-Eakin, and Vice Chairman Bill Thomas
- As an Adobe Acrobat PDF (29 pages): Dissenting Statement of Commissioner Keith Hennessey, Commissioner Douglas Holtz-Eakin, and Vice Chairman Bill Thomas
For members of the press corps, the three of us will host a press call today (Thursday, January 27th) at 1 PM EST. Please contact the FCIC staff for details.
- Wall Street Journal op-ed: What Caused the Financial Crisis? (by Bill Thomas, Keith Hennessey, and Douglas Holtz-Eakin). This is a precis of our dissent.
- Reuters: FACTBOX – GOP report cites 10 causes for US financial crisis (by Kevin Drawbaugh and Dave Clarke)
- NY Times: Dissenters Fault Report on Crisis in Finance (by Sewell Chan)
(photo credit: Hanibaael)