Some analysts say federal regulators were asleep while infighting caused lack of regulatory action. The final result was felt worldwide and perhaps could have been avoided. President George W. Bush believed his advisors, thus signing into law a new bankruptcy bill, class action restrictions, postal service reform, and other laws which do not help the consumer. Credit card issuers and mortage lenders took immediate advantage of postal service reform. Don’t mail a statement to the customer and the customer cannot prove anything. Bankruptcy reform ultimately turned out to be unwarranted in that 95 percent of those declaring bankruptcy were not perpetrating fraud.
