11/21/2006

Confident Weasels

It's easy to be confident in your plans for reform if they aren't serious plans at all, which is why I'm disregarding the otherwise good news that Treasury Secrectary Hank Paulson wants Sarbanes Oxley enforcement relaxed. Notice that he said enforcement, not the law itself. That's a great way to create a temporary reform (politicians do it with drugs, guns, immigration, and other controversial issues all the time, because it's comforting to be one bad poll away from a unilateral policy reversal). If we're going to have useful markets, we need full enforcement of fair rules, not sporadic enforcement of our current hodgepodge of last-minute reforms of the previous boom's most blatant loopholes.

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posted by Byrne Hobart at 2:33:00 AM

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