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A Federal Department to Regulate Financial Journalists

RichardsKY Wrote: Apr 05, 2012 8:20 AM

As the regulators, including those at the very top, demonstrated in 2008 just before the collapse, they had an almost ZERO chance of foreseeing (let alone preventing) the collapse. So, our government's response was to double or triple the number of regulators. So now our odds of foreseeing/preventing the next crisis are 2 to 3 times ALMOST ZERO, which comes to ... (wait for it)... ALMOST ZERO!

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A Federal Department to Regulate Financial Journalists

The normally insightful Gretchen Morgenson ran a column Saturday that I at first suspected must have been intended for April Fools’ Day. She discusses a paper by University of Chicago professors Eric Posner and E. Glen Weyl that suggests we create an agency like the Food and Drug Administration for financial products.

I haven’t yet read the paper, but given some of the remarks, I am not sure its worth the effort.

For instance, Weyl states, ”[w]e tried an experiment with a very radical form of deregulation that has very little basis in sound economic science.” In what universe...

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