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President Obama has announced his "sweeping overhaul of the financial regulatory system."
We can debate endlessly whether the Constitution authorizes any president to "overhaul" the financial system. But I want to focus on a different matter: whether any president, with all his advisers, is capable of overseeing something as complex as the financial system.
My answer is no, and it is ominous that a bright guy like Obama doesn't know this. He thinks he must regulate the system because it is so complicated and important. In fact, those are the reasons why he cannot regulate it,...
The Nirvana Fallacy
Concerning lack of regulation the Federal Reserve was inflicted upon us in 1913. One major problem that occurs as a result of having the fed, is that it forces certain rates upon the market that end up creating false indicators to businesses. Were rates left alone, people would be able to better survey the FREE market for indicators of whether times are lean or fat, and then be able to have more informed business plans. This is but one example of where there was and is government regulation NEGATIVELY impacting the economy.