Marie Cocco, in a scathing piece posted yesterday on truthdig, looks at how the Bush administration's hands-off attitude towards regulation has left the public unprotected in any number of areas, including the credit crisis.
There is little surprise left when someone—a whistle-blower, a member of Congress, a scientist who has been muzzled—reveals fresh insight into the evisceration of health and safety regulation or the retaliatory thrusts the Bush administration takes against those who dare complain. Seen in historical context, the meltdown of the credit markets, the unseemly Wall Street bailout and the shock that federal overseers seemed to display when it all cascaded upon them are merely a larger part of an ugly pattern. “Was someone asleep at the switch?” a puzzled Sen. Chuck Schumer, D-N.Y., asked of the financial wizards who came before the banking panel.
Not exactly. It is more accurate to say the switch has been turned off.