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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (414937)9/7/2008 5:43:43 PM
From: tejek   of 1576339
 
I understand you want government more involved. When I asked for specifics, I was really trying to figure out exactly what you think the Bush administration should have done.

Regulate the various industries involved. By 2006, it had become common knowledge that these industries were violating the various rules and regulations governing their industry. There was no reaction by the Bush administration who by that time, had a reputation for a laissez-faire approach to industry.

When you say they should have "regulated" these companies, what does that mean?

Read this article.....even the FBI knew something was wrong as early as 2004 before the worst of the bad lending. They and the regulators did nothing:

"Most observers have declared the mess a gross failure of regulation. To be sure, in the run-up to the crisis, market-oriented federal regulators bragged about their hands-off treatment of banks and other savings institutions and their executives. But it wasn't just regulators who were looking the other way. The FBI and its parent agency, the Justice Department, are supposed to act as the cops on the beat for potentially illegal activities by bankers and others. But they were focused on national security and other priorities, and paid scant attention to white-collar crimes that may have contributed to the lending and securities debacle."

********

"But the tepid response also reflects a broad realignment of law-enforcement priorities at the Justice Department in which mortgage fraud and other white-collar crimes have been subordinated to other Bush administration priorities."

latimes.com
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