NYT: Don't Forget Shumer's Role in the Mess
“Since the financial meltdown, people have been asking, ‘Where was Congress? Why didn’t they see this coming? Why didn’t they provide better oversight?’ And the answer for some, including Senator Schumer, is that they were actually too busy pursuing a deregulatory agenda. Their focus was on how we have to lighten up regulation on Wall Street.”
-Barbara Roper, director of investor protection for the Consumer Federation of America
Today's New York Times has a damning article linking Senator Chuck Schumer to many of the radical deregulatory policies that underlie much of the current crisis.
I have assessed a lot of blame for the crisis on several people -- Greenspan at the top of the list, followed by several others, including President Bush. Phil Gramm was a prime sponsor of all manners of ruinous legislation -- which, I hasten to add, was signed into law by one President Clinton (he sure isn't blameless in the mess).