Every congress since the 71st congress of 1929 up to and including the 111th Congress has declared open season on banking regulations. Banks have more regulations than Bayer has asprin tablets. There are enough volumes of banking regulation to fill 10 libraries. Then you can add executive orders like the one Bill Clinton drafted when he issued Executive order #12892 on January 17, 1994. Executive order #12892 forced Mortgage Bankers to execute real estate mortgages for people that could not afford or make payments on homes. This started the bubble that burst in 2008 and caused the current recession.

The period between 1980 and 1994 saw more legislative and regulatory change affecting the financial services industry than any other since the 1930s. This is hardly surprising, for the legislative and regulatory landscape was inextricably bound up with the profound transformation that took place within the industry. The structure of banking legislation and regulation might be compared to a stratified but active geologic formation: clearly identifiable separate levels are present, but these come into contact at various points, sometimes they collide. At the legislative level, Congress passed five major laws between 1980 and 1991, and significant bills were considered, if not passed, in nearly every session. Regulatory change during the period was equally extensive, much of it stemming from these new laws. But because the federal banking agencies have authority to protect the safety and soundness of the banking system, they often proposed and implemented new regulations under authority granted by earlier statutes. In addition, the existence of the dual banking system gave state legislatures and state banking authorities a significant role in the regulation of state-chartered institutions - - - and they played this role frequently. The constant interaction among all of these legislative and regulatory bodies was made even more complex by their occasional differences in viewpoint - - and by the often-fragmented voice of a banking industry in which competing needs shaped conflicting responses to regulatory proposals.

With the government now clearly in control of General Motors and now Health Care, can we trust them to contol the banking industry? Obama's record of take over instead of deregulation will bring the United States closer to Socialism than the former USSR (Union of Soviet Socialist Republics). We were not successful in stopng Obama's socialist movement on health care. Now, his rampant take over of the business world is no different than Hugo Chavez and Fidel Castro's take over in Cuba and Venzuela.