GWB tried to stop wealth bubble melt down. why is this ignored?

[JRK]

2005: Bush S.E.C. Pick Is Seen as Friend to Corporations

In Republican and business circles, William H. Donaldson has been viewed as the David Souter of the Securities and Exchange Commission, a disappointingly independent choice who sided too frequently with the Democrats.

President Bush, hearing complaints about Mr. Donaldson's record from across the business spectrum, responded on Thursday by nominating Representative Christopher Cox, a conservative Republican from California, as a successor whose loyalties seem clear. And unlike the Supreme Court, where Justice Souter has a lifetime appointment, the S.E.C. provides the White House with an immediate opportunity to tip the balance of the five-person commission in a more favorable direction.

Mr. Cox - a devoted student of Ayn Rand, the high priestess of unfettered capitalism - has a long record in the House of promoting the agenda of business interests that are a cornerstone of the Republican Party's political and financial support.

Marc E. Lackritz, president of the Securities Industry Association, one of Wall Street's lobbying groups, praised the appointment. "He has a particular sensitivity to costly and unnecessary regulation," Mr. Lackritz said. "He understands that the increased costs of regulation put an unnecessary tax on investors."

But Barbara Roper, director of investor protection at the Consumer Federation of America, said that Mr. Cox's record was not encouraging to her. She said she was particularly concerned that his close ties to Silicon Valley would lead him to take steps to roll back a provision of the Sarbanes-Oxley Act that requires management to assess the effectiveness of internal financial controls and report on weaknesses.

"I expect he will be extremely activist," Ms. Roper said, "and will rework the agency in his own image."

Cox is one of the key architects of the disaster. He should be hanging from a lamp post.

What laws where passed during the GWB admin that stated BOA could loan wealth to a consumer whose credt rating not good enough to be obtaining said wealth?
Congress writes the laws
Was it the dems in congress that failed us in 2007?
No
The free market caused that mess, no-one else
The tax payer, congress and GWB saved it with Tarp in 2008

It was all about cash flow in the end