Simple truth: The more control government gets, the less effective it becomes. I’m embarrassed that I have to make this incredibly obvious point, but with Dodd-Frank now micro-managing our investment portfolios, I feel it needs to be said. Anyone want to argue whether Greece is fulfilling its fiduciary obligation to citizens?
The latest SEC 151A debacle is a perfect example. A high number of unsuitable sales by unscrupulous insurance agents got the agency’s ire, and they thought they could do a better job than individual state insurance departments. So Chris Cox, in a classic case of intergovernmental overreach, went for it. What he got (or rather what his successor got) was a solid judicial kick to the head for the umpteenth time.