What Happened to the Chief Regulator of the Financial System?

On the eve of that crisis, on the state and federal level, we had 115 regulatory bodies. They're trying to regulate their way out of a problem that has already been set in motion. Once the Fed artificially creates all this credit, there's no regulator who's going to fail to fix that. The horse has left the stable. You can't regulate your way out of that. There is so they desperately frantically search for some regulation that was repealed. None of it's relevant to what happened.