Sunday, September 27, 2009

It's an Age-Old Story

If you ever want to know why government regulation fails, you can do no better than to consider this statement about the Federal Reserve:

The Fed's performance was undercut by several factors.... It was crippled by the doubts of senior officials about the value of regulation, by a tendency to discount anecdotal evidence of problems and by its affinity for the financial industry.

Shocked! I tell you, I'm shocked.

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