Preventing Another Financial Meltdown - 8 News NOW

Preventing Another Financial Meltdown

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LAS VEGAS -- Business leaders and politicians took their national tour to UNLV Wednesday trying to discover ways to prevent a financial meltdown from happening again.

The Financial Crisis Inquiry Commission is due to report to President Barack Obama by the end of the year.

The one term that kept coming up was "happy talk." The question is: did local economists spread that happy talk for years, making the economic bubble, and the recession, even larger?

As the Financial Crisis Inquiry Commission brings it's nationwide tour to Las Vegas, Jeremy Aguerro with Applied Analysis faces a tough question from politicians that is not lost on the audience.

"I hope to hear the truth. The commissioner asked Jeremy Aguerro, 'Does he give happy talk?' Jeremy Aguerro denies it. That's exactly what Jeremy Aguerro does. He has contracts with many different government agencies and he tells those politicians exactly what they want to hear," said Ed Uehling, who works in real estate investment.

"We had the fastest growing economy in the United States between 2002 and 2007 and call it happy talk, call it whatever you will. It's nothing more than the facts that occurred from that point forward," said Aguerro.

The national commission appointed by the president has two members from Nevada. They must finish their report by December. But will any real changes come from it's estimated 400 pages since the president already signed his financial reform bill?

"Remember, they have about 580 rules that they have to write now that they've passed the legislation. I think as lot of the work will inform the very practical realities of writing those rules," said FCIC commissioner Heather Murren.

"Congress is going to have to make a determination of whether we have a weak will and have no spine whatsoever and are not going to do anything and risk having this happen again, or really work together across party lines figure out what is doable, what we can pass and what's in the best interests of the country," said Nevada Congresswoman Shelley Berkley.

After hearing from several Nevada business and political leaders, the commission moves on to two other communities hit particularly hard by the foreclosure crisis: Miami and Sacramento.

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