A case for government regulation

Over at The Left Coaster Mary has a great post on the implosion of the subprime lending market that threatens the economy. There are several factors involved in the subprime lending debacle like greed and lack of accountability but perhaps the biggest is the government simply ignored it's regulatory duty even though they knew there would eventually be a day of reckoning. The reason it was ignored was that a lot of people were making a lot of money. Rep. Barney Frank is drafting new legislation but of course that will do no good if the government simply refuses to do the regulation. Go read Mary's post for the details.