The Global Financial Crisis according to Larry Doyle

Global Financial Crisis Survey

Larry Doyle is the author In Bed with Wall Street: The Conspiracy Crippling Our Global Economy. He is a former mortgage-backed securities trader who has worked for the First Boston Corporation, Bear Stearns, Union Bank of Switzerland, Bank of America, and JP Morgan Chase. He also served as chair of the Mortgage Trading Committee for the Public Securities Association (PSA). Doyle writes extensively at

1. Which FCIC View best represents the causes of the Financial Crisis?

None of the three views.

2. Which narrative presented by Douglas Elliott and Martin Baily of the Brookings Institute in Telling the Narrative of the Financial Crisis: Not Just a Housing Bubble best represents the causes of the Financial Crisis?

None of these narratives.

3. I believe the crisis is ongoing and I project the Global Financial Crisis will end in the year

2013 or beyond (ongoing and will end somewhere in the latter half of this decade without all of the truths ever having been fully revealed.)

4. What were the primary causes of the Global Financial Crisis?

The primary causes of the financial crisis were the direct and indirect effects of a conspiracy -- in part a de facto conspiracy and often a resulting conspiracy -- that stemmed from the massive flow of funds that went from Wall Street to Washington to neutralize an incompetent and complicit regulatory system, so that Wall Street could answer to nobody but itself. All three legs (Wall Street, Washington, regulators) were critical to the conspiracy playing out that brought about the crisis.

5. What still should change as a result of the crisis?

There are a host of things that need to change including:
a) end the system of self-regulation for Wall Street
b) implement a privately staffed regulatory review board that is situated between a comprehensive financial regulator (SEC) and Congress
c) reestablish Glass-Steagall
d) meaningful campaign finance reform via public financing of campaigns so as to overturn Citizens United.

Compiled by Gary Karz, CFA
Host of InvestorHome

Global Financial Crisis Survey

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