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In 2000, the Commodity Futures Modernization Act (CFMA) passed, legitimizing swap agreements and other hybrid instruments, at the heart of today's problems by ending regulatory oversight of derivatives and leveraging that turned Wall Street more than ever into a casino.
New Deal reforms were enacted to restrain corporate fraud and abuse. Gutting them decades later to the present, business was freed to pillage at will, Washington turning a blind eye to the worst of their racketeering.
Obama, in fact, exacerbated the worst of bad practices, especially for his Wall Street favorites, literally rewarding their criminal fraud with at least $12.3 trillion dollars of taxpayer money and perhaps more yet to be disclosed, if ever.
Obama's "Simpler, Smarter Regulatory System"
Thirty federal agencies proposed eliminating or modifying hundreds of regulations to benefit business, despite compromising environmental concerns, sacrificing public safety, and disregarding general welfare issues.
While details so far are sketchy, several proposals include:
-- excusing states from requiring air pollution vapor recovery systems at gas stations;
-- ending "outdated" Endangered Species Act regulations;
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