Richard Shelby actually said...

"I have a deep faith that continues to this very day, that markets do a better job disciplining risk than bureaucrats do."

"Absolutely."

"You cannot stop everybody from failing. You have to have a mechanism where the people who were unsuccessful get taken over and replaced by people who are successful."

"I believe myself that they have utterly failed as a regulator, utterly, because most of our Wall Street banks that got in trouble, and some of them are in trouble today, still, were regulated by the F..."