Reason Writers Around Town: Matt Welch Discusses SEC Porn at CNN.com
Over at CNN's website, Reason Editor in Chief Matt Welch argues that we should not be surprised when the reality of regulation fails to conform to our fantasies. Excerpt:
Try as governing Democrats and their supporters might to convince you of the contrary, there is a moral to this story. It is this: Expecting regulators to do their job well, let alone magically prevent whatever private-sector outcomes we do not like, is as fantastical as the assertion that George W. Bush was a deregulatory president.
Wait, what? Didn't we just read in Time magazine that "From the start, Bush embraced a governing philosophy of deregulation"? That's a comforting narrative for those trying to "restore" regulatory oversight of Wall Street. But it's false.