We maybe should make a regulator for each institution.

And we also would not have people too big to fail.

Are you kidding me? Explain that to the American people.

Then we would need one for about 25 major market banks, money market banks in New York City, one regulator each for each one, because those are the ones that are too big to fail.

It is owned by the Federal Government, so the Federal Government is the regulator.

If you sat on your hands, which the Fed did in overseeing mortgages and mortgage lenders and banks that were under your jurisdiction, then I think that the Fed is a failure in doing what they are supposed to do.

if we would have had good regulators, we wouldn't be in the crisis we are in right now.

That is bad and shows the irresponsibility of the firms.

I mean, we wrote a law that gave them that job.

Well, then you need regulations over those people that are dealing in the entities.

Those admissions should raise questions about whether we can ever create a risk regulator that will understand and act to stop systemwide risk.