You have asked a very good question! And, it’s definitely something Obama and Biden should be answering, and McCain should be pointing out if he hasn’t done so already.
This comment does not address the main point of your post. I would however, like to share this as it addresses part of it.
There are two words that are essential for Americans to understand when discussing this. Those words are, “Deregulation” and “Oversight”. Currently, the word “deregulation” is used, when what Americans think they are talking about “oversight”. There is a difference, and the liberals try to pretend there is not. They use this misunderstanding to their advantage when they spout the propaganda.
Deregulation is GOOD. Deregulation means that the government is not going to be able to interfere with the Markets. Decreasing Regulations simply means that Congress is not going to be able to set in stone maximums, or minimums in the markets, or within a business itself (like price controls for instance). Deregulation means that we would no longer allow the Government, its various agencies, or corrupt businessmen (like Frank, and Dodd) to say companies must do something that makes bad business sense, and leads to creating a crisis in the markets due to financial institutions losing too much money over a short period of time, thereby effecting the entire market (like what happened now with the mortgage crisis).
What the liberals mean, and what the average American THINKS they mean is OVERSIGHT. A huge difference.
Communists try to equate Capitalism with Criminality, when in fact, there are of course, criminals in all groups of people (including Capitalists and Conservatives). However, support for Capitalism and Conservatism does NOT mean support for Criminality.
This is why we must make a point to inform people about the difference. John McCain has been introducing and trying to get passed rules for better oversight of Freddie Mac, and Fannie Mae for years and years, now.
The real kicker (no pun intended for those DU’ers reading this...)? Even Bill Clinton has gone on national media, to make a statement on record, saying that he himself tried to get the Democrats to increase oversight on these companies while he was President, and his OWN PARTY leaders fought him on it and blocked his attempts, too!
So clearly this is a problem with those who blocked these necessary reforms. Two of those people happen to be the House Banking Committee Chairman Barney Frank(D). Another is the Senate Banking Committee Chairman Chris Dodd(D). Both of these men have been a part of Congress for a very, very long time. They are not new to Washington. They are part of the “old boy network”. The same type of “old boy network” that Palin already took down in Alaska.
I just wanted to be sure everyone realizes this, because I think it’s something we perhaps may need to explain to friends, and family. People need to realize who is to blame - not JUST Dodd and Frank - because we need to get rid of the rotten apples ASAP.
And I was one of those who wasn’t making a distinction between “oversight” and “deregulation” when I was hearing those terms during the debates.
Now my ears will pick it up next time.