At a point when the Republican Party has staked its political future on opposition to "job-killing regulations" the last thing Republicans can afford to do is acknowledge that lack of effective regulation was a root cause of a financial crisis.
Joe Nocera gets most of the story right in his NY Times discussion of the FCIC report; there was gross negligence, greed, and outright fraud -- but this wouldn't have lead to catastrophic consequences if we didn't have a housing bubble.
The Financial Crisis Inquiry Commission just released its report, and it's already under attack by the Four Horsemen of the Economic Apocalypse: the Ideologue, the Lobbyist, the Think-Tanker, and the Politician.
The Republicans on the Financial Crisis Inquiry Commission tried to undermine that group's work by attempting to ban phrases like "Wall Street" from its final report. Now they are trying to explain away their behavior.