Bush Plans will Wreck Oversight of Financial Markets, and Why That is Good News

From the Right and Always Right: A commentary by Randy Wright.

The new plan by President Bush to ‘streamline and reorganize’ the oversight functions of the financial markets by the government is guaranteed to fail, and that’s why I like it. This plan is designed to fail. Deciding to reorganize the financial oversight system right at the time when people are calling for it to intervene in the markets is genius. The president can look like he is doing something while actually assuring no oversight gets done at all.

The plan calls for the oversight structure of the financial markets to be completely reorganized. Some departments will be moved, others will be merged, and some will be closed. The process will takes months to accomplish and during that period the duties of such agencies will go undone, perfect. Not only will there be less oversight when the reorganization is complete, there will be none while the plan is put into effect.

The only part of this plan that I don’t like is the cost. The shifting of desks, repainting of signs, and the endless planning sessions needed to make move like this takes money, lots of money. The best thing to would be just close half the agencies outright and skip the re-organization part, its all just window dressing anyway.

The Bush administration can’t get away with looking like it is doing nothing during this crisis and this plan solves their problem. With this plan this can look like they are addressing the problem while in actuality they will just let the free market do what it wants, which is their first and proper inclination.

From the Right and Always Right: A commentary by Randy Wright.