Yes, it's called "Ronald Wilson Reagan" and was worsened when Glass Steagall was repealed by Clinton in a remarkably short-sighted move. Another poster already mentioned the Savings and Loan crisis that happened in the 90s that took taxpayers for a ride to the tune of 130 billion dollars (around 250 billion dollars today). We should have learned from it but for some reason (probably greed) we made the same mistakes again with Glass-Steagall and then not even 10 years after repealing that we reaped our rewards: subprime mortgages falling apart and taxpayers footing the bill while thousands were foreclosed on. The same is happening with auto loans right now.
For some reason, if you are a white collar criminal, the rules don't apply to you. No matter how much you fuck up and how much illegal shit you do, none of it sticks. Look at Boeing. 346 people died, but I honestly bet the worst thing that happens to any of the managers that OK'd that plane is they lose their jobs; realistically they probably won't even lose that. Maybe not get a bonus.
The common thread here is not just with deregulation being seen as the magical cure all that fixes all our problems (because as it turns out, sometimes we have regulations for very good reasons!) but that there are simply no consequences for doing bad things if you are stealing from or hurting the average American taxpayer. The only difference between Bernie Madoff and the bankers in 2008 that grifted us all is that Madoff made the mistake of trying to steal from the rich.
