When President Obama knew he had to clean up the Stygian Stables that were Fannie and Freddie -- knew that their senior managers and regulators had failed catastrophically -- he left in charge the failed regulatory leadership team anyway.
Here's an idea: Let's give hundreds of billions of dollars in government-backed guarantees to private banks so they make a fortune writing mortgages without any risk to themselves. Hey, what could go wrong?
The financial crisis occurred under a Republican administration that let the financial industry write its own rules. A narrative of the financial crisis that absolves Republicans and the financial industry requires an acrobatic and brazen imagination.
In an alternate universe in which Rep. Darrell Issa were a rational person, the news that he was going to aggressively pursue investigations would be welcome. Unfortunately, there is little reason to believe we live in that universe.