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Wednesday, September 17, 2008

Kid Bitzer commenting over at Edge of the West reminds me that it is time to republish this photo.

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To which the one and only Paul Krugman linked

Actually, there was plenty of coordination — a coordinated effort to destroy effective regulation:

Consider the press conference held on June 3, 2003 — just about the time subprime lending was starting to go wild — to announce a new initiative aimed at reducing the regulatory burden on banks. Representatives of four of the five government agencies responsible for financial supervision used tree shears to attack a stack of paper representing bank regulations. The fifth representative, James Gilleran of the Office of Thrift Supervision, wielded a chainsaw.


The lack of oversight, in short, was no oversight: it was part of the plan.


and that was to the black and white version.

banking regulators and bankers

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