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cloudboy -> The Banking Regulatory Problem -- NYT (10/2/2008 9:48:29 PM)
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From the NYT:
Drive to Deregulate
The commission's decision effectively to outsource its oversight to the firms themselves fit squarely in the broader Washington culture of the last eight years under President Bush.
A similar closeness to industry and laissez-faire philosophy has driven a push for deregulation throughout the government, from the Consumer Product Safety Commission and the Environmental Protection Agency to worker safety and transportation agencies.
“It’s a fair criticism of the Bush administration that regulators have relied on many voluntary regulatory programs,” said Roderick M. Hills, a Republican who was chairman of the S.E.C. under President Gerald R. Ford. “The problem with such voluntary programs is that, as we’ve seen throughout history, they often don’t work.”
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Here's the unbelievable part:
"Under Mr. Cox (head of the SEC), the commission responded to complaints by some businesses by making it more difficult for the enforcement staff to investigate and bring cases against companies."
Here the part that sounds like the IRAQ war:
"In the process, Mr. Cox has surrounded himself with conservative lawyers, economists and accountants who, before the market turmoil of recent months, had embraced a far more limited vision for the commission than many of his predecessors." (I take "limited vision" to mean non regulatory.)
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In sync here with the Bush Administration:
"Mr. Cox declined requests for an interview."
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