As I posted below, I knew Congress would need to hold hearings, but I didn't realize they would happen so soon given that Congress is actually not in session.
The odd thing is the committee that's holding the hearings. The House Government Oversight and Reform Committee (Chairman Henry Waxman) will hold 5 hearings:
October 6th: Lehman Brothers
October 7th: AIG
October 16th: Hedge Funds
October 22nd: Credit Rating Agencies
October 23rd: Federal Regulators
This Congressional activity actually reinforces why we need a commission. This particular committee has absolutely no jurisdiction over the activities in question, no jurisdiction over the laws that might need to changed and no expertise in the issues involved. Further, it is one of the most politically charged congressional committee.
Expect a lot of heat and little light.