Here is the point of the matter.
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
That there is the Tenth Amendment of the Constitution of the United States of America. It is one of the most important parts of the Constitution, as it is the basis for the Federal Republic that we may(or may not) currently enjoy.
Last I recall, there were no sections in the Constitution granting the Federal Government control over banks. Not one. Not a single section allowing them to gain or retain control over any private enterprise. None of those, either.
As such, the states and local municipalities/counties should RIGHTFULLY be levying regulation as they feel needed. The problem is that Congress chose to meddle in affairs it had no business in, such as the various GSO's, like Fannie Mae and Freddie Mac. Congress passing laws to force banks to lend unsafely was unconstitutional, as it was not within their means to do as such, by the Tenth Amendment.
CONGRESS, not Fannie/Freddie is responsible for where we are now, economically. Mayhaps not the CURRENT Congress, but certainly a number of members of Congress are partly responsible for the meddling that brought the economic collapse upon us(Such as Barney Frank and Christopher Dodd).
As for government running private enterprises, well... I cannot, and do not, believe that they can achieve the success that would be possible if these enterprises were being operated privately. Government can set and change the rules/regulations/laws to be more beneficial to themselves; but that again is improper meddling.
Problem in the end is: Government(Especially the American Federal Government) is NOT known for expediency or accountability(laughter ensues) with anything. Why? THEY'RE THE GOVERNMENT.
Layers and layers upon LAYERS of bureaucracy is the problem here. The ONLY part of the government that operates with any alacrity within their bureaucracy is the Military. That is because the Military actually has oversight and accountability(not to mention discipline). The rest is so steeped in laziness and sloth that people are often being paid to do nothing(See Social Security Administration). I have PERSONAL experience in dealing with moronic bureaucratic processing, particularly with Social Security. I had to wait FIFTY-THREE MONTHS(four years and five months) just for Social Security to finally have experts look at my medical information and say, "Yeah, you're disabled!" And I had to HIRE A LAWYER to get it done THAT "fast". And have my Congresswoman fax and call them and have some words for them on my behalf.
Yeah... I think I have good reason to have so little faith in the federal bureaucracy.