Ok, how interesting is this. Obama brings back the laws that Clinton tore down:
Other efforts have had unintended consequences. The Clinton administration won legislation that broke down Depression-era barriers between commercial banking, investment banking and insurance, among other things. Mr. Obama has criticized that law for helping create some of the financial behemoths that threatened the economy last year.
Get the full article here. This sure does make sense. But keep in mind that Fannie Mae and Freddy Mac where and still are both Goverment Agencies that where used by the Clinton Administration to dole out cheap housing. Of course during the whole Clinton years the economy was booming, credit was cheap (because of Greenspan) and so that was then affordable. It is all a cycle. And people really either do not know or like to ignore this fact as well:
President Bush recommended a significant regulatory overhaul of the housing finance industry in 2003, but many Democrats opposed his plan, fearing that tighter regulation could greatly reduce financing for low-income housing, both low- and high-risk. Bush opposed two other acts of legislation:  Senate Bill S. 190, the Federal Housing Enterprise Regulatory Reform Act of 2005, which was introduced in the Senate on January 26, 2005, sponsored by Senator Chuck Hagel and co-sponsored by Senators Elizabeth Dole and John Sununu. S. 190 was discussed in the Senate Banking Committee on July 28, 2005, with the result: “Ordered to be reported with an amendment in the nature of a substitute favorably”, meaning the bill was reported out of committee, yet not voted on.