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So now that the credit/housing markets have blown up we're hearing a lot of the politicians lining up to criticize and screech, wondering, "Where were the regulators?"

It's odd though, because looking back it's clear what more regulation would have done - it would have led to a lot of minority applicants not receiving loans and not becoming homeowners (though only temporary homeowners since the numbers clearly show foreclosures are highest in minority areas). In the past politicians have not been shy about calling for increased numbers of minority homeowners, so I think it's fairly safe to say any "regulation" would have been met with calls of racism and/or discrimination.

The politicians got exactly what they called for and besides, where were they in all of this? Why weren't they paying attention to this stuff?

Ugh.

Labels: all financial like, Politics