from today’s (2/17/2011) Wall Street Journal Independently Incomeptent:
As we’ve argued before, the way to limit the power of big banks is to break them up or take away their subsidies, not to engineer flaws into trading platforms that are ultimately backed by taxpayers. Overseeing the risks of a clearinghouse that will stand behind trillions of dollars in interest-rate swaps is not a job for amateurs. The expertise that exists in this area largely exists inside banks, and taxpayers will most likely value competence over independence.
There is no problem so big that poorly informed government meddling can not make worse. There is no limit to the government’s ability to analyze irrefutable evidence and reach the wrong conclusion.