Nice post. I agree, the focus should be not on "more" regulation, but on "smart" regulation. There is plenty of blame to go around for the subprime debacle; you can start with greedy (is there any other kind?) Wall St. investment bankers, the Federal Reserve under "Easy" Al Greenspan, the banks/mortgage originators bewitched by the seemingly neverending appreciation of U.S. residential real estate, and Congress, as you noted.

Hopefully something will have been learned when all the dust settles.