Remember the S&L scandal? In the 1980s, banks called Savings & Loans were deregulated. It took ten years of faulty accounting, and the banks collapsed. John McCain (and 5 other Congressmen) was involved in the scandal.
Similarly with today’s crisis, it took just ten years after deregulation of the investment banks and insurance companies for the entire system to collapse.
As this 13 minute video points out, these fraudulent practices should be punished, not bailed out…. Oh, did you notice? The $700 billion bailout didn’t work.