march 4th 09 (found via ira Glazer at LBO-talk, he titled it 'Economists are the forgotten guilty men'), the opening line goes: "The financial sector invested more than $5 billion in political influence purchasing in Washington over the past decade .."
"Congress and the Executive Branch," says Robert Weissman of Essential Information and the lead author of the report, "responded to the legal bribes from the financial sector, rolling back common-sense standards, barring honest regulators from issuing rules to address emerging problems and trashing enforcement efforts. The progressive erosion of regulatory restraining walls led to a flood of bad loans, and a tsunami of bad bets based on those bad loans. Now, there is wreckage across the financial landscape."
Anybody notice a few pearls to add to my dust / volcanism / credit paralellogrammar?