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Walter Williams: I loved your analysis of the economy. I was gratified that you mentioned the huge effect that the Federal Reserve Board has and does regulate the economy. I believe this private entity has the greatest effect on the economy from the standpoint of a free economy. I don't believe it is healthy for the overall economy & skewed it towards the big players and banks too big to fail. Greenspan has admitted he made a huge mistake in impacting the economy with his regulation forsaking agency regulation. Can you devote an article on what if any effect this new pres. Elect will exert on the economy and the way of life in the U.S.? After all he is the Union's first black pres.

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Excellent review of the staggering burdens on the free markets. The other half of the equation, however, is the Rube Goldberg devices that pass for regulation of financial markets. Congress delegates to SEC, which delegates to PCAOB/FASB to set rules for accountants, who force GAAP and SarbOx reporting to shareholders, in the vain hope that they will force directors to rein in managements. Meanwhile SEC also allows SROs and exchanges to set rules. As does CFTC. Then Labor, by way of ERISA, tries to define prudent investing, which means delegating authority (but not responsibility!) to rating agencies. Beyond corporate oversight, there is special banking oversight, including the Fed, OCC, FDIC, and OTS. On top of state banking regulators. All ignoring that the sole proper role of the Fed is to ensure the Treasury does NOT inflate the dollar and rob investors by closet inflationary default. When so many bureaucrats are involved, no one gets blamed for any failure. This Rube Goldberg system is far worse than nothing at all, for it deludes us into thinking that Someone, Somewhere, is ressponsible.