Okay.
I want to, if you will, correct you. I did not say it was due to the SEC; I said it was due to Congress, who failed, in fact encouraged, Fannie and Freddie to go over the cliff in making mortgages that should never have been made.
But in terms of the larger issue, Paul Krugman has noted accurately that many of the failures in the financial markets occurred in the shadow banking sector that is not regulated. So the problem is not that there was a failure of regulation, it was a failure of the absence of regulation.