Try to pay attention. I'm saying that the specific regulation you cite had nothing whatsoever to do with the crisis since the main culprits in 2008 were already obeying GS. I.e., telling Bear not to issue mortgages and telling WaMu not to do IPOs would not have changed anything since they already didn't do those things.
I'm also saying that your magic culture theory of regulation, if true, should have prevented the S&L crisis (since GS was in force then). But I guess you were wrong, and GS isn't actually the magic regulatory pixie dust that causes regulators to solve all the problems? If so, what is?
(Yes, that's a dangerous question, because the minute you mention a law I'll just find a financial crisis from before that law was repealed.)
I'm also saying that your magic culture theory of regulation, if true, should have prevented the S&L crisis (since GS was in force then). But I guess you were wrong, and GS isn't actually the magic regulatory pixie dust that causes regulators to solve all the problems? If so, what is?
(Yes, that's a dangerous question, because the minute you mention a law I'll just find a financial crisis from before that law was repealed.)