The revolution in Egypt has been going on for nearly two weeks. It is intensifying. There are reports of gunfire, beatings of foreign journalists and looting. It is a riveting story because so much is at stake for America. However, the Egypt saga is sucking up resources and attention away from other stories that are also very important for America.
Crowded out of the news picture is the recent Financial Crisis Inquiry Commission (FCIC) report on the causes of the financial meltdown in 2008. The report was released late last week. One of the conclusions to the report was “the crisis was avoidable.” Some of the other conclusions were: “Widespread failures in financial regulation . . . too many financial firms acting recklessly and taking on too much risk . . . An explosive mix of excessive borrowing and risk by households and Wall Street . . . And systemic breaches in accountability and ethics at all levels.”