Looks like someone had a clue what was coming back in 2006. I wonder why this letter, signed by McCain and 19 other republicans was not given credence, house floor time, nor signed by any democrats. No democrat no matter how much he agreed with this letter would have dared sign his/her name to it beside a republican's. The same would have been true of the republicans had this been a democratic party-supported letter. It is yet another illustration as to the wedge of partisan turfism that enables absolute ineptness to go on as accepted "politics as usual"-while nothing gets done about the real problems. Looks to me like these republicans that signed this letter are calling for more oversight not more deregulation as they are daily labeled the "deregulators that caused this whole mess."
The republicans don't stand there lilly white either. Writing a letter expressing concern is a good first step. How about a little follow up? By the way the letter was addressed to Republicans Bill Frist and Richard Shelby. Apparently they get a lot of junk mail on the hill and this got shredded with the rest of the junk mail from Countrywide, Chase and DiscoverCard.