@jwinston2: I don't think Dodd had much to do with it. He might have gotten a preferred loan, but he didn't take over until 2007ish.
There are regulation in place that could have mitigated (probably not stopped) this. But its up to the DOJ, SEC, and Office of Thrifts and other banking regulators to actually regulate. The problem is that the current administration doesn't like regulations and simply fails to enforce them (see environment, food safety, drug safety, mine safety, etc.).
Note, Phil Gramm, the primary author of GLB that allowed much of this mess to happen is McCain's top campaign financial advisor. He's the one that said we're a "bunch of whiners" when it came the economy. Many say he's a shoe-in for a top position at the Department of Commerce if McCain get elected.
ARP
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