One of the great dangers in dealing with a crisis is making major, long-term decisions based on the immediate circumstances unique to the problem you're trying to fix. In the case of the current financial crisis the conventional wisdom is that it is the result of poor oversight and loose regulation, so the Obama administration's answer is to layer on more regulations and greatly expand the role of the Federal Reserve. But the cure may be worse than the disease.

It's not often I agree w ...

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