The American people deserve to know how this crisis happened; they deserve to know why they are on the hook for trillions of dollars bailing out banks and Wall Street. Congressional oversight needs to happen and happen fast. We simply cannot afford to have a crisis of this magnitude ever happen again. I compliment the standing committees for working overtime just trying to keep up and stop the crisis from getting worse. But, they are overworked and overwhelmed. Only a select committee, focusing full-time on how the crisis happened, will provide the comprehensive and thorough investigation that the American people deserve.
I have worked with Senator McCain before to conduct an investigation, and we know how much time and effort it takes to do it right. The current economic crisis is all-encompassing, and a select committee is needed to look into all of the possible causes of the collapse of our financial system and make recommendations to prevent us from having to do this all again in the future.