LoebA

Good Regulation Requires Good Regulators

I completely agree, but I would add one thing that also needs to be said. Chris Cox was not remiss because he was a bad person, though his actions are condemnable. He was remiss because he was following a philosophy that told him that deferring to the market was the right thing to do. At bottom it was a misguided belief that the market can do all things that caused the problem. As the article points out, people cannot regulate themselves, which should be self-evident. If we trick ourselves into thinking anything else we pay the price. So, it was a philosophical failure more than anything that led to the present crisis.