The S.E.C.’s Proposed Rules For Money Market Funds: What A Joke.

"Many of the problems that have afflicted the financial system over the past two years can be traced directly to abuses in the wild-west world of the (largely unregulated) shadow banking system. Subprime mortgage CDO securitizations, credit defaults swaps, you name it. They all fall outside the purview of state and federal banking regulators. Which is a key reason why those products were able to mutate so quickly into financial versions of IEDs that nearly blew up the entire economy."