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What caused financial meltdown?
Posted: Jan 27, 2011 4:54 PM by Greg Boyce
WASHINGTON (AP) - When it comes to finding the cause of the financial meltdown, the answers break down along party lines.
The six Democratic members of a panel appointed by Congress agree that government officials and Wall Street executives share the blame for ignoring the warning signs.
But the four Republicans on the panel disagree. Three of them wrote a dissenting report blaming a global credit bubble that was fed by low interest rates.
White House spokesman Robert Gibbs says the White House applauds the panel's effort to examine the causes of the crisis and steps that can be taken to prevent it from happening again. He says the administration is focused on putting the new financial overhaul law into place.
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