The author was taken when people like president Obama say the problem is that people had an outdated regulatory system. He begs to disagree. It was a regulatory system that in the past two decades had not become out of date, but rather had been almost entirely dismantled by Congress and the various administrations: 1. They passed the Gramm-Leach-Bliley Act guaranteeing large financial supermarkets that can only be too big to fail, while prohibiting the SEC from being able to require regulation of investment bank holding companies. 2. They cut budgets at the Commodity Futures Trading Commission and the SEC year after year, dismantling those agencies block by block. 3. The credit rating agencies were granted exemption from accountability by the investing public it turns out they were misleading, as well as by the securities regulators. 4. Finally, people who did not believe in regulation were put in charge of the key agencies.