Who will watch the watchers?
Background: The financial markets are in a tail-spin and the calls for more government interference grows. This tail-spin is not because we lack regulation but is simply a correction to the market after years of interference from the federal government. Deficit spending and money supply manipulation have brought us to the current point where a correction is long overdue.
According to both presidential candidates, Wall Street needs more federal regulation. But, to paraphrase Socrates, who will regulate the regulators? The federal government is running a yearly deficit of $400 billion. Unfunded liabilities in Medicaid, Medicare, and Social Security are nearly $60 trillion. Congress and the White House, under both parties, routinely mask finances with tricks that would make an Enron accountant’s head spin.
And these are the people we trust to watch over the financial markets?
[Letter to the Editor - Detroit Free Press. Published 09/20/2008.]
2 comments:
Well, I noted the other day that the Constitution is supposed to regulate the politicians. Their appointed regulators should logically inherit that regulation.
The fact the politicians are allowed to ignore the Constitution is the root of the problem, and can be laid at the feet of American voters responding to populist BS.
Well we know who should regulate the regulators (voters) but the question still remains - Who will?
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