Does the Financial Crisis Remind anyone of 9/11?

We are suddenly told that there is a terrible crisis that requires immediate dramatic action. In the case of 9/11 that resulted in the quick passing of the Patriot Act and the invasion of Afghanistan followed by the invasion of Iraq. In this case it has resulted in the Fannie Mae/Fannie Mac bailout and the AIG purchase by the federal government. A proposal is on the table to purchase weak and failing securities backed by failing mortgages.

I've always wondered why the CIA/FBI had no inkling about the pending 9/11 attacks especially since the perpetrators were identified within a day or so of the attacks. In this case hasn't the Fed, HUD (which regulates FM/FM), and the Dept. of the Treasury been aware of a coming crisis? I've seen Congressmen on both sides of the aisle propose changes as far back as 2003.

Why are we once again presented with a crisis that didn't need to happen with adequate oversight? Is there a pattern here?

 

I'm talking about the sense of crisis the administration is trying to convey to the American people in order to pass legislation that:

1) is not in the interests of the American people but rather in the interests of the Wall Street executives who chose to invest in extremely risky investments. Under this bill they pass the consequences of those errors in judgment off on the American taxpayer.

2) provides no oversight on Treasury Sec. Paulson. He alone decides how to spend the money with almost nor restrictions. There's even a condition in the bill that says that he is not subject to criminal prosecution for anything he does in connection with this giveaway.

3) includes not only bad mortgage debt but also BAD CREDIT CARD and bad STUDENT LOAN debt. I thought we were addressing a mortgage crisis. What we're really addressing is a Wall Street bailout for almost anything.