For years financial experts and knowledgeable market observers were writing and talking about their concerns over: 1) unregulated, out of sight financial transactions between institutions (credit default swaps which packaged good and risky loans as trading instruments); 2) repeated actions of (mostly) Democrats in the Congress pushing subprime loans and pressuring banks to issue them; and 3) expanding the loan portfolios of the government Fannie and Freddie home loan organizations. Needless to say, these were not the people getting rich from these activities. They were largely ignored. No one in Washington did anything about it, because there was little any political pressure. Hardly anyone outside the circles of political and corporate criminals could imagine that the financial firms and trading organizations involved would be as reckless and metaphysically greedy as they turned out to be. Geithner has proposed changes to the financial markets in response to their having been inadequate controls over financial firms. Good for him – and us. Summaries of what he is proposing can be found in Yahoo News and IBD Editorials today. NB: For those inclined to reflexively respond that all of this was Bush 43, this is false. The bank-to-bank credit default swap concept was introduced by JP Morgan in 1994.