Posted by Matt Hawes on 01/15/09 12:53 PM   [Newer: Member Blog Spotlight] [Older: Second Amendment Book Bomb Update]

John Stossel's latest piece examines how government regulation provides a false sense of security - a level which, Stossel argues, is worse than no sense of security at all.

The $50-billion investment scam allegedly pulled off by Wall Street insider Bernard Madoff has ignited predictable calls for more regulation....

"This scandal underscores the need for a 21st century regulatory approach," writes Arthur Levitt Jr., former chairman of the Securities and Exchange Commission (SEC), in The Wall Street Journal.

Notice the disconnect. Regulation failed, so we need more regulation. I see it differently. Regulation failed, so let's try free markets. That would be a change....

Read the rest here.

Posted 01/15/09 1:46 PM BruceKoerber Cedar Rapids, IA

January 15, 2009 The Media Prostitutes Of The UnConstitutional Coup! Without Ron Paul and Peter Schiff the only ray of light shining out from under the shroud of media prostitution would be John Stossel's occasional free market examination. Here's the good news! The unConstitutional coup is on the verge of losing control. Some of the media prostitutes are going to mature and with an eye to the future return to a life of ethics. They will cast aside the lies and schemes of the unConstitutional pimp and tell the truth about the sleazy operation of that kingpin of corruption. Due to the revelatory nature of this new information the other media prostitutes will have to make a choice: stay enslaved and dishonorable, or reject the bribes and lies of the unConstitutional coup. Combine this loss of control of the media with the economic tsunami caused by the intervention by these economic terrorists and it is easy to see how very likely and quickly will be their demise.

Posted 01/15/09 3:23 PM Philip State College, PA

No no... it's regulation failed so let's try 21ST CENTURY regulation. And then they pretend like there's been an advance on this front in the last few years that's totally different from the last hundred years of failed big government.

Posted 01/15/09 3:40 PM AuthenticAuthor Canutillo, TX

I'm tired of posters who, having no education and will to learn about criminal justice, give wrong conclusions on the nature of crime. Laws may be made to deter bad behavior, but such deterrence is impossible to validate. Of course, enforcement helps but only in the effort to UNDO the harm caused by the criminal in question. In this case, Madoff may need volunteers... But the idea that you need MORE unaccountable government watchdogs instead of letting free-market competition deliver similar and better services is ludicrous. Of course, it can't deter bad behavior either, but it can do the next best thing; help people make wise choices on who to trust.

Posted 01/15/09 6:00 PM danielbier8 Medford, NJ

Oh moral hazard... you're only bad when created by private companies... http://www.campaignforliberty.com/blog.php?view=6929

Posted 01/16/09 06:30 AM EthanMontgomery Baltimore, MD

This is why I've had a man-crush on John Stossel for years!