There are two main theories of regulatory analysis that can apply here. One is regulatory lag. In other words, regulators are always a step behind what happens and always reacting to it. The other is regulatory capture. There is a lot of discussion these days about how large private firms like Goldman Sachs have been placing their people in key situations of leadership.
One of the reasons we have public institutions in Canada like the CMHC is so we can avoid the Freddie Mac and Fannie Mae debacle in the United States. You maintain public institutions. Is regulatory capture a part of our problem here, such that we have people handling public pensions who consider themselves, when they wake up in the morning and start snapping their suspenders, to have sort of become magnates in the private world of investment, who don't have to respond with that same level of fiduciary responsibility?