If any regulatory body involved in this disaster has been a more abysmal failure than the SEC, it’s the “self-regulator” that was supposed to monitor all those concerns regulators had so steadily deregulated out from under them over the past ten years: mind-blowing overleverage and the attendant counterparty risk, unbridled short-selling, the over-the-counter derivatives that amplified the current crisis, etc. etc. What was Schapiro doing all that time? Cracking down on over-the-top Wall Street…

Parties! (What, you thought I was going to say “bonuses”?) Excuse me while I shoot myself in the face for a second.

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That's What She Said.

I Hate To Say I Already Hate Obama’s Economic Team But…