Janet Yellen says the regulations are essential to preventing the next market failure. But to what extent did the address the real reasons for the collapse? Derivatives are still barely regulated - most, like the mortgage products and the related credit default swaps, not at all. Mortgage-based derivatives are not gone, plus we have new derivatives, this time based on auto loans and student loans. Let's hope students find well paying jobs when they graduate! Also, the banks now have to keep higher reserves and pass stress tests to prove that they wouldn't need public funds to keep them afloat in the next crash. But the Supreme Court nixed the AG bailout, calling into question government's ability to bail anyone out in a future crisis. And finally, the run up this year is based in large part on perceptions/expectations that the party in power will be able to pass tax cuts. But how does Dodd-Frank protect us from the fallout when the markets realize that those cuts, and perhaps even spending allocations for the next fiscal year, won't materialize? Chairman Yellen says the regulations are essential. Do you agree?