Jan 30, 2011 02:17 PM

Day of Reckoning for the Financial Crisis

In the all of 2008, as the sub-prime crisis engulfed the world, I made a rash promise to a class room of Chinese graduate students at Tsinghua University in Beijing.

I told them this financial collapse was of a magnitude so much greater than anything except for the Great Depression that they'd see the U.S. take extraordinary action – as it did in the 1930's. Watch for some executives to be indicted and even go to jail. Washington will need to write tough new reform laws. There will be a 9-11 style Commission investigating the causes naming names and laying out the blame. America exported a catastrophe to the world. It will now show how it takes responsibility.

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