Steve, I agree with you. It's probably very unfair to criticize the FDA or the CPSC for the peanut and lead-painted toy problems. Those regulatory agencies have been dramatically downsized over recent years, leaving the public thinking they had protection when in fact they did not. We've been lucky with the FAA, even though the short-staffing of air controllers has been well documented. We'll see what happens when a huge wave of air controllers retires within the next couple of years.

Bucco, your laser-like focus on the CRA completely misses the fact that failed loans in the formerly redlined low-income areas are only a tiny portion of the "toxic assets" that caused the worldwide financial meltdown. It was the huge number of loans originated by mortgage brokers such as Countrywide and then sold to Wall Street for securitization into mortgage-backed bonds that are the greatest cause of the problem. Also, all those financial derivatives such as credit default swaps generated by AIG out of their London office. Both the mortgage brokers and investment banks and those derivatives in particular are unregulated as the result of laws passed by the 106th and 107th Congresses. I disagree with you that the cabal of Frank, Dodd and Schumer are the heart of this problem. Phil Gramm and those of his party that repealed Glass-Steagall and so substantially de-regulated the financial services industry should gain far more of your ire.

DK, your suggestions that we return to the basics are admirable. We should all go back to read and hopefully re-embrace the fundamentals that underly the formation of our country. But your question, "whatever happened to personal responsibility and individual freedom?" can be answered by noting that the failure of the government created by our founding fathers is what has gotten us to where we are. Possibly the morality of Americans has deteriorated in 300 years as well--some Americans at least--those like Bernie Madoff, the greed-driven Wall Streeters who created securities that didn't violate the law, but which they knew would default, the mortgage loan salesmen who originated loans they knew couldn't be repaid and the corporate CEO's who would do anything to achieve quarterly earnings and the resultant huge bonuses.

So that leaves us with the question, DK, will the simple return to the fundamentals solve our current problem? That should be a part of it for sure. But until it's determined that the basic morality of our society hasn't changed for the worse, something else seems to be needed to protect those of us that still embrace the same values as did our forefathers. I wish it could be as simple as increased regulation, but I'm left doubting with that idea alone. It would help, but something more is needed and I don't know what it is.