In a comment to my post, On Rush, the Media, Arianna & the Myth of Deregulation, I wished that every time a liberal pundit or leading Democrat claimed that Bush-era deregulation was responsible for the financial meltdown, someone would ask them
to specify the particular programs Republicans deregulated in the past eight years. They repeat the mantra of Republican deregulation over and over again, as if the repetition guarantees its veracity, yet it has little basis in reality.
Instead of specifying such deregulation, one of critics asked rhetorically, “If not rampant greed, brought about in large part by de-regulation during the Bush years, then what exactly was the cause of the massive economic meltdown in this country?”
We have addressed the causes here, here and here, just to link a three of our posts on the matter. Even Obama-supporting columnist Sebastian Mallaby wrote, during last fall’s campaign, that the “claim that the financial crisis reflects Bush-McCain deregulation is not only nonsense. It is the sort of nonsense that could matter.”
Kevin (our critic), by contrast, has joined a chorus of left-wing voices attributing the meltdown to alleged Bush-era deregulation. I have, in a number of posts, frequently linking those better equipped to explain economic matters than I, addressed why, I believe, we experienced the recent meltdown.
I’m far from the only blogger (not to mention pundits and economists as well) to offer a conservative/libertarian view of the meltdown. We have pointed to laws which facilitated the crisis and legislation which might have forestalled it (had Democrats not blocked it).
So, in that spirit, I’m asking Kevin and others who buy into the “deregulation theory” of the meltdown to identify the specific legislation Bush signed deregulating the financial industry and the specific policies he and his Administration enacted (that caused the meltdown).