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Three of the dissenters characterized the majority report issued by the Financial Crisis Inquiry Commission (FCIC) as a compilation of all the bad events that took place rather than as an explanation of the critical factors that caused the crisis. What were the essential causes of the crisis according to the dissenters?
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Test Bank for Business and Its Environment
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The dissenters identified 10 essential causes of the crisis:
1. Credit bubble
2. Housing bubble
3. Nontraditional mortgages
4. Credit ratings and securitization
5. Financial institutions concentrated correlated risks
6. Leverage and liquidity risk
7. Risk of contagion
8. Common shock (the fall in housing prices)
9. Financial shock and panic
10. Financial crisis causes economic crisis
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