Uppity Wisconsin

Update II: 'Fear' Index at All-time Intraday High; see http://finance.yahoo.com/q?s=%5Evix

Paul Craig Roberts ought to be required reading for all policy makers during this apparently long period of multiple crises. Holding the Clinton and the George W. Bush administrations accountable for the financial crises currently (as in right this second) shaking the world, Paul Craig Roberts points to three extraordinary culprits:

- The repeal of the repeal of the Glass-Steagall Act [known as the Financial Services Modernization Act of 1999] repealing the separation of commercial from investment banking, that was signed into law during the Democratic Clinton Administration in 1999

- The exclusion of derivatives and credit default swaps from regulation in 2000

- And most importantly:

Update II: Congress, Bush team OK bailout terms; Stocks sink
Update: From ThinkProgress: Question: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?
McCAIN: No. I think the deregulation was probably helpful to the growth of our economy