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from nytimes
"These experts, from both political parties, say Mr. Bush’s early personnel choices and overarching antipathy toward regulation created a climate, that, if it did not set off the turmoil, almost certainly aggravated it.............William H. Donaldson, a former Wall Street executive with respected Republican credentials who became chairman of the Securities and Exchange Commission under Mr. Bush, quit after facing resistance from the White House and Republican members of the agency, who criticized his support for stiffer regulations on mutual funds and hedge funds......To some extent, Mr. Bush was simply following a deregulatory pattern set by his predecessor, President Clinton. Perhaps the most significant recent deregulation of the banking industry — the landmark act that allowed commercial banks to expand into other financial activities, like investment banking and insurance — was signed into law by Mr. Clinton in 1999.....Beyond the administration’s deregulatory bent, some economists argue that its fiscal and tax policies made the United States more dependent on foreign capital, which inflated the bubble in housing prices......The White House and Congress wanted to make housing affordable to more Americans, and freeing up the lending markets was a way to do that. As Mr. Rogoff said: “It was a market-based way to help poor people. There was an incredible belief in free markets.”"