> The idea that we can just lift one bit of regulatory policy from
  > there, apply it to our financial sector, and call our problem solved
  > is not just misguided, it's flat-out magical thinking.

It's also a straw man. He said "we'd be much further along." He didn't say it would be simple or painless. He did imply that it would be less painful overall than what we're doing now, which is not saying much.