Republican "let business self regulate" in action today

Wall Street gets ripped, again. It seems that the subprime lenders were doing plenty of business with so-called top tier Wall Street organizations who are now starting to get nervous about loan defaults from both the actual buyers as well as the lenders. It was all such a fun party when it was going up and Wall Street was handing out multi-million dollar bonus' but it might not be quite as fun as foreclosures continue to rise.

What was the GOP thinking when they looked the other way and encouraged these shady lending programs? And big business wants Congress to ease up on regulations?