D.C. Chainsaw Massacre

My colleague Bill Scher has put together an important post today documenting the subprime mortgage crisis as a failure of conservatism. I have but one thing to add from my own research on the subject:

Federal regulators once held a press conference in 2003. To symbolize their commitment to cutting red tape for bankers, they held up gardening shears. The head of Bush's Office of Thrift Supervision, James Gilleran, did them one better. He brought a chainsaw.

And as Bill documents, the deregulation of the S&L industry ("thrifts") is a huge part of the story.

And the guy Bush hired to keep them deregulated brought a chainsaw to the party. "Chainsaw Jim" should go into the annals of Big Con folklore right next to "Heck of a Job Brownie."

Views expressed on this page are those of the authors and not necessarily those of Campaign for America's Future or Institute for America's Future