"We can breathe the air of liberty only to the extent that we are ready to bear the burden of moral responsibility associated with it." -Wilhelm Roepke
"We have no government armed with power capable of contending with human passions unbridled by morality and religion. . . . Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." -John Adams
It's been a rough couple of years for the free market in America. As Americans on Main Street struggle to hang on in the face of great discouragement and uncertainty, we are continually reminded of the extent to which greed and recklessness on Wall Street precipitated a recession that adversely affects us all. And just when it seemed like it couldn't get any worse, new information has recently emerged indicating that financial giant Goldman Sachs' role in the financial crisis of 2008 may have been even worse than originally thought.
This month, the Securities and Exchange Commission has filed suit against Goldman Sachs, alleging that the investment bank gamed the system by teaming with a prominent hedge fund to design a portfolio of securities guaranteed to fail, leaving the fund with huge profits and their investors holding an empty bag. Not surprisingly (and some speculate, not accidentally), this news has dramatically exacerbated the breathless push for increased regulation of the financial industry.