and yes I agree completely with the criticisms on Obama too!
But it is the Republicans who are furiously fighting against ANY return to banking regulations.
"Part I: How We Got Here
From 1940 to 1980, the United States experienced 40 years of economic growth without a single financial crisis because the financial industry was tightly regulated. In the 1980s, investment banks went public and the U.S. financial industry exploded. A 30 year period of deregulation (1981-2011) was inaugurated. But by the end of the 1980s, savings and loan (S&L) deregulation had caused hundreds of S&Ls to fail, resulting in the savings and loan crisis with taxpayer losses of about $124 billion. Thousands of S&L executives went to jail. By the late 1990s, the U.S. financial sector had consolidated into a few giant firms, "each so large that their failure would threaten the whole financial system". Some mergers violated the law - the Glass-Steagall Act (1933). But Glass-Steagall was revoked by Congress in 1999 with the Gramm-Leach-Bliley Act - called by some the "Citigroup Relief Act"."
Part II: The Bubble (2001-2007)
The housing boom was the biggest financial bubble in history. Annual subprime lending shot from $30 billion to $600 billion in just 10 years. Profits and executive bonuses were immense, but the system was, in reality, a global Ponzi scheme. The degree of "leverage" - the ratio of money borrowed by an investment bank versus the bank's own assets - in the financial system, reached unprecedented levels
Part III: The Crisis
By this time, warnings were being sounded by advisors to the Federal Reserve (the Fed) and the FBI, which was seeing a rise in mortgage fraud. Hedge fund manager Bill Ackman and author Charles R. Morris sounded public warnings. The market for CDOs collapsed and investment banks were left with hundreds of billions of dollars in loans, CDOs and real estate they could not unload
Part V: Where We Are Now
The dual rise of the U.S. financial sector and American information technology have been accompanied by the decline of heavy industry and manufacturing in the country. U.S. factory workers were laid off by the tens of thousands. Bush's tax cuts - designed by Hubbard - have exacerbated the nation's inequality of wealth, which is now worse than in any other developed country. In response, workers work longer hours and go into debt. "For the first time in history, average Americans have less education and are less prosperous than their parents". The new Obama administration's financial reforms have been weak, and as regards the practices of ratings agencies, lobbyists, and executive compensation, "nothing significant was even proposed". Geithner became Treasury Secretary and a host of other government officials appointed by Obama would appear to have significant conflicts of interest. Feldstein, Tyson and Summers are all top economic advisors to Obama. Bernanke was reappointed Fed Chair. European nations have imposed strict regulations on bank compensation, but the U.S. has resisted them