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when states stepped into the vacuum by passing laws requiring protections against dirty loans, the Bush Administration went to court to invalidate those re- forms, on the ground that the inac- tion of federal agencies superseded state laws

In 2004, the top cop on the Wall Street beat in Washington -- the Securities and Exchange Commis- sion -- now operating under the radical deregulatory ideology of the Bush Administration, authorized in- vestment banks to decide for them- selves how much money they were required to set aside as rainy day re- serves. Some firms then entered into $40 worth of speculative trading for every $1 they held

mortgage-backed securi- ties