By David Rocker Unfortunately that is exactly what we seem
to be doing. Politicians and regulators, sensitive to the fury
of investors and voters, too often focus on relieving obvious
symptoms rather than addressing the flaws in the underlying
structures that created the problems. It is easier to visibly
impose new regulations rather than tackle the more politically
embarrassing issue of why existing regulations were
insufficient or not adequately enforced. As a result,
bureaucracy increases, efficiency diminishes, and root causes
In this respect the SEC, egged on by various members of
Congress, has opted for the "round up the usual suspects"
approach to the stock collapse and plans to again restrict
short selling. This is terrible policy and the opposite of what
The stated mission of the SEC is to "protect investors,
maintain fair, orderly and efficient markets and facilitate
capital formation." Efficient markets can...