IF IT MOVES REGULATE IT!

Senator Charles Schumer ( Regulatory Rethink, op-ed March 28) engages in the usual hubris of control freak liberalism. Regarding the current financial "crisis" he observes that " ...even the most sophisticated financial institutions don’t always understand the risks their decisions involve." His solution is to have omniscient regulators overseer the players and markets to insure that "we can be confident that the financial system itself will remain strong and stable." He opines that such strong regulators would have "called in Bear Stearns managers and told them to improve" their financial position "long before the crisis arose." Bunk and hokum. Politicians,devoted to winning elections, and regulators, devoted to CYA, are no more competent to divine what to do in complex financial situations than the ordinary proctologist or veterinarian, an apt observation from Don Boudreaux, a real economist from George Mason University.