Confusing Regulation with Supervision

"The crisis that engulfed the world was not a failure of regulation, it was a failure of supervision. It annoys me that people seem to use 'regulation' and 'supervision' interchangeably when they are in fact two different things. Those who failed miserably at supervision now think regulation is the answer to everything." To which all I can say is: Amen, brother.

Bill Fleckenstein