Reform Greedy Creed and Contain Usurious Credit Growth

Dear Senators ,
Let’s ascertain dispassionately if the following could be the fundamental causes of the current financial market meltdown.
1. Fannie Mae and Freddie Mac took more and more risky mortgage debt.
2. Banks and insurers did not have adequate capital to write (short-sell) financial securities like equity, and derivatives.
3. Regulators were lax in monitoring financial institutions closely enough.
4. The Security and Exchange Commission did not monitor markets closely enough.
5. Deregulation as a model for trickle-down prosperity did not work.