Outsourced to Robert Waldmann:
Robert's Stochastic thoughts: Kid Bitzer commenting over at Edge of the West reminds me that it is time to republish this photo:
To which the one and only Paul Krugman linked
Actually, there was plenty of coordination — a coordinated effort to destroy effective regulation:
Consider the press conference held on June 3, 2003 — just about the time subprime lending was starting to go wild — to announce a new initiative aimed at reducing the regulatory burden on banks. Representatives of four of the five government agencies responsible for financial supervision used tree shears to attack a stack of paper representing bank regulations. The fifth representative, James Gilleran of the Office of Thrift Supervision, wielded a chainsaw.
The lack of oversight, in short, was no oversight: it was part of the plan.
and that was to the black and white version.