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Regulations were undermined by appointing anti-regulators to head the agencies; laws were repealed and the only remaining check, the personal probity of those involved, was hosed away by a torrent of profits obtained by competitors whose probity was for rent. Gresham's Law prevailed and all that was left were fraudsters and rent-a-fools.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Oct 15th, 2010 at 04:57:21 PM EST
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