Blame the Regulators, Not the Regulations

As David Leonhardt accurately points out in the Times, financial regulation—no matter what it looks like and no matter how much every industry observer spits on the bills that have been proposed and passed by the House and Senate and are now, as I write, being reconciled by B Frank and the boyz down in D.C.—is only as good as the regulators entrusted to regulate.

So as Warren G and Nate Dogg recommended years ago (back when the bubble was made up high-fructose corn syrup not subprime home mortgages, back when the Euro wasn't the world's crumbling currency but the dude in your econ class with slicked-back and Z Cavaricci's (I admit it), back when you could swim in the Gulf of Mexico, not siphon fuel from it to power your Mazda): Regulators, when you get out of committee, you best mount up.