Well, it has happened. Quietly, stealthily even, but it has happened:
After months of watching a growing credit crisis made worse by steadily eroding home prices, the Bush administration responded on Thursday with the outlines of a plan that officials emphasized is meant more to prevent future crises than to address the current one.
The plan, which relies primarily on state regulators and private industry to tighten their oversight of financial markets, calls on states to issue nationwide licensing standards for mortgage brokers.
Loverly. What we have here, children, is a massive failure to communicate.
Well, all the Bush Buddies have made their money and the Emperor is making sure they can keep it without going to jail for, you know, malfeasance, fraud, all that happy horseshit. The economy is in the shitter because of their predatory practices and outright thievery, but never mind. NEXT TIME we’ll get them.
And how will we get them, boys and girls? Why, by putting the regulations that we removed back in place. IOW, by re-regulating the financial industry.
Except – whoa, now – we’re not going to do it. Oh no. We are – in the best traditions of rich boys used to having servants around to do the dirty work – going to tell the states to re-regulate, thus guaranteeing a mish-mosh of laws varying from state-to-state allowing mucho wiggle room for the investment banking class to go right on ripping people off in multiple national locations while states argue about whose laws apply and who’s got jurisdiction.
Marvelous. Back to the madcap 20’s when there were no Federal regs and banks played on the legal differences to protect themselves from what would otherwise have been charges of criminal fraud right up to the very fucking moment it all collapsed.
What do you think of His Holiness now?