There needs to be understood the difference between Gov’t regulation and oversight. There needs to be understood the difference between deregulation and criminal activity. – wadeusaf

Good point on both. To the extent that I can continue to watch – and it’s limited – I will be looking for overt acts of criminal activity. My understanding at present is that the derivatives/mortgage securities market is fully legal. My understanding about the bad (NINJA) loans is that they were “imprudent”. When F&F took them in, they were pressured by government “oversight.”

O’Reilly – and he’s excitable, but if not now, then when – said that McCain should announce Guiliani as his AG and Romney as his Treasury Secretary. Delienate the plan that the three of them would use to aggressively prosecute criminal acts in government and finance, repair the regulatory code for the modern financial sector (huge effort – another one I’ll be watching), and move out of the current crisis keeping one eye at home and one eye abroad.

The “Bureaucrats of Penzance” (Dennis Miller).