Here is one Canadians view again. Phil is right about the CR act of 1977, and sestoppleman is correct in saying that Bush tried to put more manageable limits on Freddie and Fannie. It was a Democratic majority senate (Polosi and Frank and friends) who said that Bush was only trying to stop the poor from owning their own homes. Bush's move would probably have been too little too late anyway but the truth is that self regulating industries like the financial industry in the US and many other countries don't really regulate themselves. Illegal and immoral acts were met with fines that were far smaller than the real or potential profits. Obama has done nothing to change this. He continues to accept money from many of the financial leaders in the industry and is only concerned with his own agenda. For the financial regulators to gain any credibility with me, they would have to truly self regulate. I have not seen this yet. I hate to think that government would have to regulate , but something has to change.
For many years those on the left in Canada and the US have been asking why we can't be more like the Europeans. They retire earlier and have more holidays and a shorter work week etc. The answer is that we can't afford it and neither can the Europeans. (Greese, Italy etc.). We wouldn't run our household finances this way and we shouldn't run our countries finances like that either.
WOW, I'm on a rant again. My opinion is that no one can afford Obama again. Tell your Republican contenders that they should lay off of the social conservatism and concentrate on the economy.
You asked for it, Mike