The banking and financial securities industries were deregulated under Clinton and the trend then continued under Bush. There is lots of blame to spread around though. Clearly the accounting industry (I've read several books about Enron that make this abundantly clear), the rating industry (the mortgage securities were rated aaa - a joke at best), and business schools (business ethics 101???) have failed in meeting the minimum expectations of their professions. Unfortunately, Obama and Clinton (I'm an Obama supporter) both have ties to the banking industry and that does'nt not bode well for a serious look at Wall Street. Spitzer, unfortunately, was the only one who seemed to give a damn and we all know what happened to him.