NumbersGuy

Marc Andreessen on Financial Crises, No IPOs, and Obama

The point isn't so much that they deregulated these markets as that no one regulated the emerging derivative markets in the first place. This lack of proactive attempts to regulate the market occurred in both the Clinton and Bush administrations. If there's any single person most culpable (and the blame really should be spread quite widely) it would have to be Senator Gramm (yes until recently McCain's Treasurer) who was the adamant defender of "free markets" and fought to make sure that those new markets were not regulated. Good job Phil! How about those free markets now? Now we got a nationalized financial sector. That puts us in the category of Sweden!

A little preventative medicine (some sane market regulation) could have gone a long way to preventing a major illness later on.