The reason that we had a housing bubble in the Greenspan years, that this didn't happen before, is that from the end of the (previous) Great Depression to the end of the 20th Century, we had a Federal Government.
``It's really speaking to the lack of good supervision by the SEC,'' said David Hendler, an analyst at CreditSights Inc. in New York. ``They're not really a real regulator staying on top of things.''The article also mentions the Treasury Department and "the Financial Industry Regulatory Authority, the private regulator that oversees U.S. brokerages," but not as aggressively as I think is warranted.
The SEC and the Fed ``are both equally guilty on regulatory blame for being asleep at the switch,'' said Anthony Sabino, a business-law professor at St. John's University in New York and head of Sabino & Sabino, a securities litigation firm.