No Bailout
YOU Broke it, You bought it!
http://www.youtube.com/watch?v=XreAnHG8xu4
Don't blame the SEC for bank greed
Deregulation changed the rules
Paid lobbyists bought off the common sense of Congress
http://www.nytimes.com/2008/09/27/business/27sec.html?em
The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.
Joshua Roberts/Bloomberg News
Christopher Cox, the head of the Securities and Exchange Commission, testifying before the Senate banking panel on Tuesday.
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The S.E.C.’s oversight responsibilities will largely shift to the Federal Reserve, though the commission will continue to oversee the brokerage units of investment banks.
Also Friday, the S.E.C.’s inspector general released a report strongly criticizing the agency’s performance in monitoring Bear Stearns before it collapsed in March. Christopher Cox, the commission chairman, said he agreed that the oversight program was “fundamentally flawed from the beginning.”
