In May 2009 Congress created a special commission to examine the causes of the financial crisis. The idea was to emulate the celebrated Pecora Commission of the 1930s, which used careful historical analysis to help craft regulations that gave America two generations of financial stability.

But some members of the new commission had a different goal. George Santayana famously remarked that “those who cannot remember the past are condemned to repeat it.” What he didn’t point out was that some people want to repeat the past — and that such people have an interest in making sure that we don’t remember what happened, or that we remember it wrong.

Read More: ‘The Big Short,’ Housing Bubbles and Retold Lies – The New York Times

Back in 2007, at the height of the foreclosure crisis, Citibank CEO Chuck Prince told the Financial Times that, “As long as the music is playing, you’ve got to get up and dance. Prince continued, “we’re still dancing.”   It appears the Big Banks are still dancing- while the judiciary has turned into a giant electronic music festival sponsored by an unconcerned judiciary and impotent government agencies. Since 2007 nothing has changed- consumers are still being foreclosed on by banks who have no standing to do so- and the foreclosure epic continues unchecked.

The Big Short, a film written by Michael Lewis (Moneyball, The Blind Side, The Big Short), will be released on December 23^rd, 2015 and will hopefully provide enough outrage that Americans take to the street in protest. The movie, starring Brad Pitt (who also produced), Steve Carell, Christian Bell and Ryan Gosling- tells the story of…

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The financial crisis struck a chord with Hollywood this year as two major motion pictures were listed in the nominations for the 73rd Golden Globe Awards, which were announced early Thursday morning.

The Big Short was one of three motion pictures to lead the nominations for the 73rd Golden Globe Awards, which were announced early Thursday morning.

The comedy motion picture flashes back to the 2008 timeframe where the subprime debacle was just taking hold.

The cast of characters bet against the big banks, and potentially, the American economy to get rich while the Empire crumbled.

Add in a couple of Hollywood A-listers and you get The Big Short movie, based on the book by Michael Lewis.

Golden Globe nominations for The Big Short include:

• Best motion picture – musical or comedy
• Best performance by an actor in a motion picture – musical or comedy – Christian Bale
• Best performance…

Up until the motion picture The Big Short, which is based on the best-selling book by Michael Lewis, the name Michael Burry was probably unfamiliar to most people.

The comedy motion picture flashes back to the 2008 timeframe where the subprime debacle was just taking hold.

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One of the characters is Michael Burry, played by Christian Bale. According to an article in CNBC, Burry made a fortune in last decade’s financial crisis by betting that the housing bubble would burst, is also gaining a following north of Hollywood, as a Silicon Valley tech investor.

Now, in 2015, the article explained his latest venture. Burry is an early investor in PeerStreet, an online marketplace for real estate-backed loans.

From CNBC:

PeerStreet’s mission is to open up a particular segment of the real estate market — residential, typically non-owner occupied — to a wider swath of investors, thus adding…

The public-to-private sector “revolving door” has crossed into the macabre twilight zone.

Moments ago an announcement by giant bond manager (technically, these days “merely above average height” bond manager, considering the collapse in the TRF’s AUM since Bill Gross’ departure over a year ago) revealed that public service cronyism is not only alive, but has never been better, when in a press release it reported that former Fed Chairman Ben Bernanke, ex-U.K. Prime Minister Gordon Brown, and former ECB president Jean-Claude Trichet will form the backbone of a “global advisory board” at Pimco.

Bernanke, Trichet and Brown, along with Ng Kok Song, former chief investment officer of Singapore’s GIC Pte, and Anne-Marie Slaughter, an ex-director of policy planning for the U.S. State Department, will provide Pimco their “collective view on global economic, political and strategic developments and their relevance for financial markets,” the Newport Beach, California-based firm said in…

PR Newswire:

WASHINGTON, Dec. 7, 2015 /PRNewswire/ — The following is being released by Bond Law, PLLC:

On December 10, 2015 Wells Fargo will return to DC Superior Court in order to face Dennis Comer’s predatory lending lawsuit. Mr. Comer, an African-American army veteran, initially filed his predatory lending claims against the bank in 2010 after Wells Fargo steered him into a high-priced, subprime loan. WellsFargo later foreclosed on the property. Wells Fargo won a motion to dismiss Comer’s claims in 2013. After a victory in the DC Court of Appeals on January 29, 2015, Mr. Comer’s predatory lending case against the lending giant will finally proceed to discovery. Mr. Comer’s case is one of only a few claims filed by an individual homeowner that has survived against the giant bank

Is the Federal Reserve failing at its own stress tests?According to its own watchdog, the answer is yes.

Over the weekend, the Wall Street Journal published an article that cited a recent report from the Fed’s Inspector General, which wasn’t too kind to the Fed’s handling of the stress tests required by the Dodd-Frank Wall Street Reform Act,

According to the WSJ report, the Fed IG found that the Fed was not properly administering the stress tests, which are performed on the nation’s largest banks to test their financial footing in the case of another massive recession.

According to the WSJ, the Fed IG identified a number of issues with the Fed’s internal procedures, which the Fed has already begun “revamping” as the result of the IG’s report.

From the WSJ:

The changes affect implementation and administration of procedures—such as how the Fed staffs the tests—not core policy questions…