Critics in the financial industry and academia insist the abuses would not have happened if federal and state regulators were doing their jobs.
For instance, banking regulators at federal and state levels failed to monitor lenders that were offering mortgages without following basic industry guidelines on income levels and without requiring appropriate documentation on applications. Those practices led to a high number of risky loans...
...Then there were the failings of the SEC at the federal level and self-regulatory bodies like the Financial Industry Regulatory Authority, which supervises brokers. Those entities were supposed to oversee investment banks and brokers, partly to prevent the recent string of catastrophic financial failures that seemed to catch everyone by surprise.
While no one is pointing to any single regulator, the SEC has the broadest responsibilities, including monitoring the financial health and operations of investment firms.
This is what happens when the the refs get fired... and it's going to be expensive.
I realize that now may not be the time for such partisan venom, and I apologize if I have trampled any delicate tendencies in this contentious election season, but this is demostrative that there are fundamental differences between the two parties and the two men running for president.