They are strutting around like experts in a field they know next to zero about. I work in this field.
Does the public really believe this is such a simple problem that a couple of law changes is a fix. Baloney!!
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This financial crisis will fix itself gradually without any politician's help. Then the government can make laws to make sure this doesn't happen again. For example, make it illegal for a company to be both an insurance company and a bank (to prevent both industries from collapsing at the same time). And make it illegal for banks to sell their mortgages to investors (so banks will have to make responsible loans, not subprime loans).
The financial markets are awesome, short baby short. More laws, yeah thats the answer...not.