Wall Street 101
Victor Davis Hanson examines some lessons learned from the financial crisis:
The fools in Washington and New York who blew up Wall Street had degrees from our finest professional schools.
The most chilling example, at the very beginning of this ongoing mess, came in 2003 during the House Financial Services Committee's hearing on Fannie and Freddie. At one point, Harvard Law School graduate Rep. Barney Frank, D-Mass., asked Fannie Mae CEO and fellow Harvard Law School graduate Franklin Raines — who took millions in bonuses even as he helped bankrupt the once-hallowed institution — whether he felt the mortgage giant had been "under-regulated." Raines answered him under oath, "No, sir." Then overseer Frank announced, "OK. Then I am not entirely sure why we are here."