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Senate Republicans held a Banking Committee hearing today to talk about why we should roll back the rules on mortgages and credit cards because they’re just too costly for the banks. One of their witnesses, Leonard Chanin, had helped lead the Federal Reserve division that refused to regulate deceptive mortgages — including the subprime lending that helped spark the crisis. The bipartisan Financial Crisis Inquiry Commission called that “pivotal failure” the “prime example” of the kind of hands-of
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