It won’t take long to understand the dearth of regulatory results when you look at this graphic in today’s New York Times, which traces the web of existing financial market regulators that already exists.
Do we really think the federal government will wisely oversee the just-passed $700M mud sandwich (see also, “bailout”, “economic recovery plan” or other euphemisms of your choosing)? Hank Paulson’s 3 page draft is now a celebrated 400 page tome that is intended to preside over markets whose risks are unknown by virtually any informed source you can consult.
Is this a great country or what?