As for the metaphor, it was yours, not mine.

The Democratic religion declares that if you just pass enough laws, you can create a society where nothing can go wrong.

If something does go wrong, you don't have enough laws. Pass more.

"Every regulation has a reason" is one of many mantras of this religion.

The end of this curve is a level of regulation that simply makes financial activity impossible. End of problem.

I read the link Bowser posted, too:

While the banks lobbied furiously, they were in some ways pushing on an open door. Officials at the Treasury Department and the Federal Reserve, the main overseer of the banks, as well as the Comptroller of the Currency, also wanted a loose set of restrictions, according to people who took part in the drafting of the Volcker Rule who spoke on the condition of anonymity because no regulatory agencies would officially talk about the rule on Friday.

The Fed and the Treasury’s views prevailed in the face of opposition from both the Securities and Exchange Commission and the Commodity Futures Trading Commission, which regulate markets and companies’ reporting of their financial positions. Both commissions and the Federal Deposit Insurance Corporation, which insures bank deposits, pushed for tighter restrictions, the people said.

Even some of those who have said the Volcker Rule is fatally flawed agree that, in its current form, the rule would have allowed JPMorgan Chase to do what it did.

“Would the Dodd-Frank law have stopped this?” asked Peter J. Wallison, a fellow in financial policy studies at the American Enterprise Institute, who has been a consistent critic of the postfinancial crisis reforms. “No,” he answered. “Dodd-Frank specifically allows hedging and market-making transactions.”

The background is a little more complicated than it looks, isn't it? Read the whole thing.

Most people howling about this wouldn't know what a hedge fund was if it bit them in the rump.