Via The Politico:

 

House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and will demand testimony from Bush administration officials and captains of finance, congressional officials said.

House Democrats plan an aggressive look at the administration’s role in this weekend’s meltdown, and explore further regulation and government structures that would be taken up under the new president.

Barney Frank will hold hearings in the House Financial Services Committee:

Separately, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, plans a forward-looking hearing with economists on Wednesday to “begin a conversation about where we go with the capital markets,” a House aide said.

Frank plans “oversight of what happened this weekend with the Treasury and Federal Reserve,” and will look at “how bad the capital markets are, and what may be needed.”

“The markets are not self-correcting,” the aide said. “If they continue to not self-correct over the next several months, is there a federal response? There might be more federal intervention that’s needed. We’ll proceed cautiously, and that would be next year.”

He needs to be investigating what the Fed has been doing since 1913, not just last weekend. Most of what we are going through right now can be lain at the Fed’s doorstep. And that bit about markets not being self correcting? Yeah, well when the government keeps interrupting the correcting process, markets can’t correct. What a bunch of idiots….

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