The Triangle

I agree with many of your points, but I do not see the problem as stemming from a lack of regulation. Regulation is one of the sources of the problems. Policies such as the so-called "community reinvestment act" forced banks to lend money to people who could not afford to pay them back, creating a housing demand that did not exist except by government decree. Coupled with artificially low interest rates, set by the Fed, markets were further distorted. The resulting situation can hardly be considered free market capitalism. Speculators were buying 300-page documents as "investment vehicles", that were sold under the pretense of being a winning lottery ticket. They were then sold a "guarantee" that was not worth the paper it was printed on. The government then comes to the rescue. When I buy a lottery ticket, I do not delude myself into believing it is a sure thing, nor do I expect the government to pay me back when I do not win. More regulation is not the answer, we have more than enough laws already on the books that make theft and fraud a crime, and they have been there for a long time.

I think we need more regulations but that will only be effective until unethical people find ways around the regulations. This country is no longer run by the people but by corporations. Unfortunately, both political parties are bullied by Wall Street. AIG was just given two giant loans valued at over $100 billion and they already spent a chunk on two exotic vacations for executives in California. $15,000+ on manicures alone... Only a few weeks after they were bailed out with tax payer money. UNBELIEVABLE