I don't know, we have dozens of government regulatory agencies with thousands of rules and regulations, yet somehow the entire financial sector was unregulated!
Face it folks, the regulations didn't work! The regulators were asleep! This is the problem with regulations and regulators, they often don't work and fail us!
What gave the ratings agencies the power to determine what securities are safe enough to hold in some portfolios?
Oh, regulations!
What made certain institutions purchase only assets that were deemed good enough by the ratings agencies?
Oh, regulations!
What gave these agencies monopoly power and prevented any other company or agency from entering into their business and offering better analysis?
Oh, regulations!!!!
And yet somehow there were no regulations and no regulators?
We have Greenspan's testimony, and somehow the government isn't involved in this crisis? It was a LACK of government? Gee, I guess Greenspan was never appointed by a government official or confirmed by Congress. He was never a part of the Federal government right?
Perhaps a better suggestion would be to craft regulations that work, cut the ones that don't, and be sensible instead of just screaming for more bad regulations.
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