We do need controls to close the gaps that allowed the financial system to fall apart. But if the regulations are unreasonably complex, they will not only create unnecessary costs, but are likely to be unenforceable and eventually ineffective.
Credit Obama, Volcker and the sponsors of Dodd-Frank for setting out to rein in and correct much of the obvious Wall Street excesses, despite that they did it with kid gloves to avoid killing the whole octopus.