It appears everyone is in a lather in anticipation of the conclusions of the Financial Crisis Inquiry Commission report. Not since the Warren Commission has a report been so widely anticipated. Sadly this is all a big nothing as this case has been already closed.
For those not aware uber-expert, former FDIC chair and current member of my All Imbecile team William Isaac has already solved the mystery.
Isaac's brilliant conclusion, for those still unaware, is that it was simply mark to market accounting. This conclusion is completely irrefutable so why waste any more breath on the subject. Too bad we had not embraced this earlier as it would have avoided all the expense associated with such an inquiry which would obviously trim some much needed fat off the budget deficit.