In the comments, V points to a excellent article in Mother Jones about the hypocrisy of focusing attention on the lack of regulation in Chinese manufacturing while overlooking the lack of US oversight. Here's a quote:
Most of the stories have focused on the lack of manufacturer oversight in China. But the root of the problem is closer to home: The CPSC, created to prevent hazardous products from winding up in American homes, has been gutted by decades of manufacturer lobbying and White House interference—and the Bush administration has finally paralyzed it to the point that it can barely function.
But don't worry; Bush isn't the only one to get some blame. Reagan's in there too and Clinton doesn't end up looking that great either.