John Stossel’s latest column highlights the problem with the Obama administration’s push to increase the regulatory arm of the government over financial institutions. One good quote from the column was the following:
Is the market perfect? Of course not. The market is people. But the same kind of people will run the regulatory bureaucracy — except they play with other people’s money and have brute power in their hands.
In sum, he argues against the arrogant and ignorant notion that the government can manage the economy better than free people in a system of free markets.