Lack of Financial Regulation Was the Principal Aim...

Robert Waldmann quotes Paul Krugman:

Robert Waldmann: Paul Krugman, "Hiding Behind the Invisible Hand":

Consider the press conference held on June 3, 2003 -- just about the time subprime lending was starting to go wild -- to announce a new initiative aimed at reducing the regulatory burden on banks. Representatives of four of the five government agencies responsible for financial supervision used tree shears to attack a stack of paper representing bank regulations. The fifth representative, James Gilleran of the Office of Thrift Supervision, wielded a chainsaw.... The lack of oversight, in short, was no oversight: it was part of the plan.

And Robert Waldmann finds a picture:

From the FDIC bulletin.... I know the image is low quality, but it took me a while to find it. For one thing, not only did the American Banker's Association eagerly lobby for the deregulation which seriously threatens American Banking, but their magazine -- community banker -- had an article on the great event which claimed to be illustrated and was missing the digital photograph. No wonder they are going bankrupt.

Comments

[Robert Waldmann]

Thanks for the link. I am very proud of having found that photo. Most work I've done with google at least since the unfortunate hedgehog penis episode and probably since it took me two whole hours to find proof that the forged Nigerien dossier was forged. Also, I think the photo is the most important contribution I have made to the political debate since, well I don't want to think.

[karl]

There's a color version at

http://www.egrpra.gov/images/photo0603.jpg

at least until they take it down so grab it while you can.

[anon]

There's also a better copy of the picture at:

http://economicsofcontempt.blogspot.com/2008/03/cutting-through-red-tape-with-chainsaw.html

Not sure if it's the same copy.