Must Wall Street Be in Bed With Regulatory Agencies?

The question always comes up, especially when financial and business calamities occur: Is Wall Street too close to regulatory officials and agencies?

Particularly the major brokers and investment bankers in Wall Street, whose officials are often tapped to become the regulators.

But then, who else has the needed experience?

Unfortunately, too often we have bureaucrats in Washington who operate or supervise what affects mega-business operations. Despite the fact they have never, ever, successfully operated a pushcart on their own.

You have this evidence the way banks were pushed to accept subprime loans in order to have folks get mortgages for homes they never could afford, simply because it was a populist political idea.